As global consumer demand cooled, China's export growth weakened in September, and imports rebounded from contraction.
Official data showed on Monday that exports increased by 5.7% year-on-year to $322.8 billion, down from the 7% increase in August. Imports rose 0.3% to $238 billion, recovering from a 0.2% contraction last month.
Forecasters predict that in the second half of 2022, the Federal Reserve and Europe will suppress inflation at decades highs by raising interest rates, thus curbing consumer demand, and China's exports will decline.
China's global trade surplus increased by 26.9% year-on-year to US$84.7 billion. Exports to the United States fell 11.6% year-on-year to $50.8 billion in September, while imports of U.S. goods fell 4.6% to $14.7 billion. Compared with the United States, the trade surplus fell by 14.1%, reaching $36.1 billion.
Exports to EU 27 member states fell 23.9% to US$47 billion, while European commodity imports fell 40.9% to US$23.8 billion. China's trade surplus with the EU widened by 8% from the same period last year to $23.2 billion.
imports from Russia, mainly oil and natural gas , up 55% year-on-year to US$10.7 billion, but fell about 5% from August.
Hong Kong stock market suffered its worst single-day plunge since 2008. Hang Seng Index closed down 6.36%, at 15,180.69 points, the lowest level since April 2009.
From the quarterly perspective, the Hang Seng Index still has room to fall
Hang Seng Technology Index fell 10.57% to close at 1733.42 points.
only from the technical analysis, the future market is not optimistic
Among them, Tencent Holdings fell 11.43%, with a transaction of HK$18.236 billion, Meituan plummeted 14.83%, with a transaction of HK$11.068 billion, Alibaba transaction of HK$10.74 billion, with a decrease of 11.42%
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