National economy China's foreign trade grows more slowly than expected
Foreign trade is an important pillar of the Chinese economy. However, export growth cooled significantly in September.
14.10.2024, 11:58
SDA
Chinese foreign trade grew more slowly than expected in September. According to figures from the Beijing customs authority, exports from the world's second-largest economy rose by 2.4 percent year-on-year.
Imports increased by 0.3 percent. Both figures were below the expectations of most analysts. According to the Bloomberg financial service, they had predicted growth of 6 and 0.8 percent respectively.
The economic data in China recently gave experts cause for concern. As a result, Beijing announced a comprehensive economic stimulus package last week. However, the government still failed to provide important details, such as the size of a proposed fiscal package that could be used to stimulate the economy.
Crisis in the real estate market weighs heavily
The crisis in the real estate sector in particular has recently contributed to the sluggish consumption of many consumers, who are holding on to their money rather than spending it. On top of this, many people are looking for work.
According to official figures, the latest unemployment rate in the 16 to 24 age group rose to 18.8 percent. On the other hand, the export figures, which have mostly been solid in recent months, have been a support for the economy.
