北京—中國9月的出口和進口均未達預期，引發了人們對這個世界第二大經濟體為數不多的亮點之一的擔憂。

週一公佈的海關數據顯示，以美元計算，9 月出口年增 2.4%，進口成長 0.3%。

分析師此前預計會有更快的成長。路透社調查顯示，以美元計算，中國 9 月出口預計將年增 6%，進口預計將年增 0.9%。

出口一直是中國經濟成長的主要動力，近年來，中國經濟受到消費支出低迷和房地產低迷的拖累。

但品點資產管理公司總裁兼首席經濟學家張志偉在一份報告中表示，貿易緊張局勢加劇將使中國出口在明年難以維持強勁成長。 “週末新聞發布會所表明的財政政策立場的變化對於明年增長的支柱至關重要。”

美國和歐盟提高了中國製造的電動車等產品的關稅。

根據CNBC對官方數據的分析，9月中國對其最大貿易夥伴美國的出口年增2.2%，而自美國的進口增長6.7%。

凱投宏觀(Capital Economics)中國經濟學家黃子春週一在一份報告中表示，「上個月進口量有所下降，但由於財政支出加快推動了工業大宗商品的需求，短期內進口量可能會反彈。

“我們認為 [the finance ministry’s increase in fiscal expenditure will boost construction activity and drive higher demand for industrial commodities, at least for a quarter or two,” Huang said.

China’s Ministry of Finance had hinted at plans to increase the fiscal deficit on Saturday, without elaborating on the scale of such support at the time.

Exports to the Association of Southeast Asian Nations, China’s largest trading partner on a regional basis, rose by 5.5%, while imports climbed by 4.2%. China’s exports to the European Union edged 1.3% higher, while imports dropped by 4%.

China’s exports to BRICS partner Russia surged by 16.6%, but imports fell by 8.4%, the analysis showed.

Growth in China’s overall exports of autos slowed to a 25.7% year-on-year increase in September, while those of shoes, toys and smartphones all fell over the same period. Home appliances, integrated circuits and ships were among the categories that posted export growth.

In another sign of soft domestic demand, China’s crude oil imports dropped by 10.7% in U.S. dollar terms in September, compared with the same period of last year, while imports of natural gas and coal both climbed.

The latest data reflected Beijing’s efforts to bolster food supplies and access to rare earths, in order to ensure national security. China’s rare earths trade shrunk further, with exports plunging by more than 40% in September from a year ago, and imports down by around 9%.

Intake of soybeans, a major ingredient in livestock feed, surged by nearly 39%.

The data adds to a depressed picture of the Chinese economy, with the inflation print out Sunday pointing to further weakness in domestic demand.

The core consumer price index, which strips out more volatile food and energy prices, rose by 0.1% in September from a year ago. That’s the slowest since February 2021, according to the Wind Information database. Tourism-related prices fell by 2.1% year-on-year, despite the Mid-Autumn Festival in September and Golden Week holiday that kicked off Oct. 1.

China’s National Bureau of Statistics is scheduled to release third-quarter GDP data on Friday, along with retail sales, industrial production and fixed asset investment for September.

Chinese authorities have ramped up stimulus announcements since late last month, while so far falling short on the fiscal policy details many investors have hoped for. Stocks in China have swung wildly as beaten-down markets debate the ultimate impact of Beijing’s economic support.