China’s car and ship exports surged to record highs in September despite a slump in general shipments, Bloomberg reports. Chinese firms shipped over USD 11.5 bn worth of vehicles in September, making the year-to-date total some USD 88 bn. Companies sold 464 ships internationally, amounting to over USD 4.6 bn, more than double the quantity sold the same month last year. The sudden jump in higher-valued manufactured goods exports has raised concern among the countries set to impose tariffs on Chinese EVs, including Canada, the US, and the EU.

It doesn’t stop there: China’s steel exports rose to 10.2 mn tons in September, bringing the year-to-date volume to some 81 mn tons, a 21% y-o-y increase and the highest level since 2016, Bloomberg reports. The surge in exports is attributed to a lull in the domestic market, which has prompted traders to push their products overseas. China is expected to export over 100 mn tons of steel by the end of this year, with the bulk going to Asian nations.

REMEMBER– Turkey announced plans last week to impose anti-dumping duties on steel imports coming in from China, Russia, India and Japan to crack down on unfair competition following appeals from domestic producers.

Tags: