China: September trade growth accelerated significantly, lifting surplus to a record high

China's trade growth accelerated in September and came in significantly above consensus expectations (exports: +36.3% yoy, imports: +31.0% yoy). The acceleration in headline trade growth is consistent with the strong container shipping volume during the month. By region and in sequential terms, Chinese exports rose sequentially across major trading partners, and imports from major trading partners also rose sequentially, except for the US. By product, export value rose broadly from August to September, with apparel/footwear/suitcase products rising the most, followed by automobiles. Imports by products also rose broadly, led by energy products (mostly natural gas), followed by semiconductors, while import value of automobiles fell. Overall, the trade surplus widened to US$133.5bn (NSA) in September from US$119.1bn in August, marking the largest monthly surplus on record. USD-denominated exports rose 36.3% yoy in September (GS: 27.2%, Bloomberg consensus: 25.7%;