China’s export values continued to contract year-on-year in September. But to the extent that foreign demand has cooled recently, it is being reflected in export prices rather than export volumes, which look to have hit a record high last month. We doubt this strength will persist, however, given the challenging outlook for the global economy. Import volumes softened a bit, but we expect them to pick up again in the near-term as further infrastructure investment boosts commodity demand.
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