(Yicai) Oct. 15 -- China’s monthly imports and exports of goods exceeded CNY5 trillion (USD747.2 billion) for the first time in September, achieving double-digit growth for the sixth consecutive month.

Foreign trade in goods surged 28 percent to CNY5.16 trillion last month from a year earlier, according to data released by the General Administration of Customs of China yesterday. Imports and exports rose 25 percent to CNY2.1 trillion and 30 percent to CNY3 trillion, respectively. In US dollar terms, exports jumped 36 percent to USD447.2 billion.

The main driver of last month's sharp export growth was the global artificial intelligence investment boom, which greatly accelerated exports of chip-related products, said Feng Lin, executive director of research and development at Golden Credit Rating International.

In the first three quarters of the year, foreign trade climbed 19 percent to CNY39.94 trillion (USD5.96 trillion) from a year earlier, with imports up 22 percent to CNY16.74 trillion and exports up 16 percent to CNY23.2 trillion, GACC data also showed.

The growth rate in the first three quarters this year was higher than in the same period in the past five years, and that in the third quarter and in September generally showed an accelerating trend, said Wang Jun, spokesperson for the GACC.

The rapid foreign trade growth in the first three quarters was mainly driven by the continued expansion of China’s advanced manufacturing sector and strong demand for key components and intermediate goods. The equipment manufacturing industry contributed nearly 90 percent to the increase in exports, and intermediate goods accounted for more than half of the total export value.

Exports of integrated circuits nearly doubled in the nine months ended Sept. 30 from a year earlier, while those of computer parts and accessories and those of solid-state drives and storage components increased by 2.1 times and 1.3 times, respectively. Exports of servers and data-processing equipment rose 7.2 percent.

In the power sector, exports of photovoltaic products expanded 10 percent, while those of wind turbines and related parts jumped 22 percent, those of wires and cables by 28 percent, and those of transformers by 23 percent. Exports of batteries grew 35 percent to more than 200 countries and regions worldwide.

Exports of new energy vehicles and high-tech products accelerated in September. Car exports expanded 56 percent in volume and 53 percent in value from the same period last year, up from increases of 37 percent and 34 percent, respectively, in August. NEV exports surged 164 percent last month, versus 155 percent the month before.

In terms of destinations, US dollar-denominated exports to the United States, the European Union, and Japan rose 40 percent, 25 percent, and 16 percent, respectively, in September from a year earlier, with the growth rates accelerating from 34 percent, 6.7 percent, and 8.2 percent, respectively, in August.

The sharp acceleration in exports to the EU last month may have been influenced to some extent by front-loading shipments ahead of the China-EU economic and trade talks in October, Feng said.

Exports to countries and regions along the Belt and Road Initiative surged 35 percent in September from a year ago, with the growth rate accelerating from 24 percent the previous month.

Given the inertia in strong external demand, China’s export growth will likely remain at a relatively high level of around 30 percent in October and continue through the end of the year, Feng predicted.

However, global AI valuations have undergone a sharp correction since July. The average year-on-year monthly gain of the PHLX Semiconductor Sector Index fell from 157 percent in June to 97 percent in September, and it has continued to decline since early October. Historical data show that this indicator is usually three to four months ahead of China’s chip export pattern.

Editor: Futura Costaglione