Connect with us

Hi, what are you looking for?

Finance

China’s trade surplus jumps in September to $66.7bn

China’s trade surplus jumped to $66.7 billion last September, exceeding expectations that it will record $46.8 billion.

Data issued by the General Administration of Customs in China said that China’s exports increased during the past month by 28.1% annually.

Analysts expected that China’s exports would increase by 21%, and imports would increase by 17.6% annually during last September, while expectations indicated an increase of 20%.

China’s trade surplus

Meanwhile, China’s exports during the first nine months of this year increased by 33%, while imports increased during the same period by 32.6% annually.

China’s trade surplus during the first nine months of this year amounted to $427.54 billion, compared to $362.49 billion during the first eight months of the year.

The International Monetary Fund (IMF) has lowered its forecast for China’s economic growth for this and the next year.

IMF pointed to the decline in public investment and disruptions in supply networks.

China’s World Economic Outlook is the second economic power in the world, IMF said.

This year, it will record a growth in its gross domestic product that does not exceed 8%, IMF expected.

Although this percentage reflects the fastest pace of growth since 2011, it is less than previous expectations IMF issued in July, which forecast a growth of 8.1%.

 

Financial difficulties

The fund’s forecast for 2022 indicates a growth of 5.6%, a decrease of 0.1 point from previous expectations.

After a significant financial recovery last year to support the resumption of economic activity after the health crisis, it is expected that China will “significantly reduce” its expenditures, starting from 2021, IMF said.

Public investment, particularly in infrastructure and the real estate sector, was an engine of growth when the Chinese economy was slowing.

However, the financial difficulties faced by the giant Chinese real estate company, Evergrande, which may lead to its bankruptcy, raise economists concerns, prompting several international banks recently to reduce their forecasts for the growth of Chinese GDP.

Last year, China was the only major economy that recorded a positive growth of 2.3%, despite the health crisis that was casting a shadow on the global economy.

According to official figures, China expects a growth of no less than 6% this year, which is much lower than IMF’s expectations.

Finance

The Saudi economy is giving indications that it is recovering from the Coronavirus pandemic better in the first half of this year, the World...

World

Yemenis have not benefited from the continuous jumps in natural gas prices globally, due to the ongoing battles in Marib, which are very close...

special

UAE banks’ investments grew by 24.6% year-on-year in the first eight months of 2021. The Central Bank said that UAE banks’ investments amounted to...

Finance

Cryptocurrencies continue to soar, making leaps and bounds, approaching $2.5 trillion. Supported by significant gains for the majority of currencies led by Bitcoin, Cryptocurrencies...