China's third-quarter GDP grew 4.5%, beating a 4.4% forecast, but nine-month imports rose 22.3% against 16.4% for exports, as input prices climbed 6.9%. The trade surplus gained just 3.5%. The central bank held its benchmark lending rates for a 17th straight time.
East Asia Econ notes that the second-day GDP breakdown left Q3 investment especially weak even as September FX settlement data pointed to continued capital inflows. Source
Exports boomed and the trade surplus barely moved. Customs data in the National Bureau of Statistics (NBS) release put nine-month exports at ¥23.198tn, up 16.4%, and imports at ¥16.742tn, up 22.3%. Back-solving the year-earlier levels gives a surplus of about ¥6.46tn against ¥6.24tn, a gain of only 3.5% (my calculation). September was stronger still: total trade rose 27.5%, with exports up 29.6% and imports up 24.6%, per General Administration of Customs figures.
