9月份中国贸易顺差创半年来最低

China’s export growth came in lower than forecast in September as an unexpected jump in the value of imports resulted in the country’s smallest trade surplus in half a year. But the latest data also showed the largest nominal trade surplus with the US on record, based on figures dating back to 1993.

9月份，中国出口增速低于预期，进口总值意外跃升，导致中国贸易顺差创半年来最低。但最新数据还显示，根据可回溯到1993年的数据，中国对美国的名义贸易顺差达到有记录以来最高。

The dollar value of outbound shipments rose 8.1 per cent year on year in September to $198.3bn, according to the General Administration of Customs, up from a rise of 5.5 per cent in August but missing a median forecast of 8.8 per cent from economists surveyed by Reuters.

根据中国海关总署的数据，以美元计，9月份中国出口同比增长8.1%，至1983亿美元，比8月份5.5%的同比增幅要高，但不及路透(Reuters)调查的经济学家给出的8.8%的预期中值。

Imports climbed more than expected, however, rising 18.7 per cent from a year prior to $169.8bn and outperforming a median forecast predicting growth in inbound shipments would edge up just 0.2 percentage points from August’s pace of 13.3 per cent.

然而，以美元计，9月份的进口增速超过预期，进口同比增长了18.7%，至1698亿美元，而预期中值为较8月份13.3%的增速仅高出0.2个百分点。

Growth in commodities imports remained robust in volume terms, with shipments of iron ore rising 10.6 per cent year on year to a record 102.8m tonnes. The uptick in shipments comes despite recent falls in the commodity’s price as authorities demand steel mills curb output to reduce pollution during the winter heating season.

大宗商品进口量增长仍然稳健。铁矿石进口同比增长了10.6%，达到创纪录的1.028亿吨，尽管随着中国政府要求钢铁厂在冬季取暖季期间限产以减少污染，铁矿石价格近期出现了下跌。

Analysts at ANZ suggested the rise was due to demand from Chinese steel mills for higher-grade iron ore. Looking at the broader picture for trade, they said a “lack of build in stockpiles suggests strong underlying demand, rather than restocking, was the main driver” behind the latest figures.

澳新银行(ANZ)分析师表示，进口增加是由中国钢铁厂对较高品位铁矿石的需求导致的。他们表示，从更宏大的贸易图景来看，“库存未增多意味着，强劲的潜在需求而非补充库存才是(最新数据背后的)主要驱动力”。

The jump in import value resulted in China’s trade surplus dipping to $28.5bn, down $13.5bn from August to the lowest level since March and counter to expectations it would fall just $2.5bn.

进口总值增加使得中国的贸易顺差缩窄至285亿美元，较8月份减少135亿美元，为今年3月以来最低，预期值是仅较8月份减少25亿美元。

However China’s trade surplus with the US climbed to $28.1bn in September, up almost $2bn from August and marking the largest on record not adjusted for inflation, according to data from CEIC sourced to China’s customs administration and reaching back to January 1993.

然而，根据CEIC取自中国海关总署以及可回溯到1993年1月的数据，9月份中国对美国的贸易顺差扩大至281亿美元，较8月份高出近20亿美元，为未经通胀调整的历史最高水平。