Exports declined 15.2 percent from a year earlier, the customs bureau said on its Web site today. Imports dropped the least in 11 months. New local-currency loans climbed to 516.7 billion yuan ($75.7 billion) from 410.4 billion yuan in August, the central bank said.
China’s shipments to the U.S. and European Union rose to the highest since exports collapsed in November, spurring gains in stocks worldwide on optimism the global economy is strengthening.
China’s foreign-exchange reserves climbed to a record $2.273 trillion at the end of September, according to today’s data. M2, the broadest measure of money supply, rose a record 29.3 percent in September from a year earlier.
Inflows of cash from abroad and an unprecedented 8.67 trillion yuan of new local-currency loans this year, up 149 percent from a year earlier, add to the risk of asset bubbles, bad loans and resurgent inflation.
Imports fell 3.5 percent from a year earlier, the customs bureau said. In August, the decline was 17 percent and none of 23 economists forecast such a small drop in September. Imports of iron ore rose to a record 64.6 million metric tons.
The trade surplus was $12.93 billion, down from $15.7 billion in August.
China shipped $22.6 billion of goods to the EU last month and $21.2 billion to the U.S., the customs bureau said. Exports of labor-intensive products, such as furniture and textiles, fell at a slower pace than shipments in general, it said.
Seasonally adjusted, exports declined 20.1 percent from a year earlier and rose 6.3 percent from the previous month.