Exports grow at slowest pace in 5 months, miss forecast
Imports also undershoot, underline weak domestic demand
Export volumes remained resilient, analysts said
Trade barriers could undercut efforts to lift growth
BEIJING, Oct 14 Reuters China39;s export growth slowed sharply in September while imports also unexpectedly decelerated, undershooting forecasts by big margins and suggesting manufacturers are slashing prices to move inventory ahead of tariffs from several trade partners.
Export momentum had been one bright spot for the Chinese economy that has struggled to gain traction due to weak domestic demand and a property market debt crisis, adding to the urgency for stronger stimulus.
Outbound shipments from the world39;s secondlargest economy grew 2.4 yearonyear last month, the slowest pace since April, customs data showed on Monday, missing a forecast 6.0 increase in a Reuters poll of economists and a 8.7 rise in August.
Imports edged up 0.3, missing expectations for a 0.9 rise and softer than 0.5 growth previously. The weak data does not bode well for exports in coming months as just under a third of China39;s purchases are parts for reexport, particularly in the electronics sector.
Export growth slowed last month but remained resilient, with volumes still rising at a doubledigit pace, Zichun Huang, China economist at Capital Economics said. Further ahead, though, growing trade barriers are likely to become an increasing constraint.
The pivot toward…