Chinese economic slowdown worsens with growth weakest in a year

China’s economy slowed for a second straight quarter to grow at the weakest pace in a year, with a boost from booming exports undermined by consumers and companies cutting back on spending.

Gross domestic product expanded 4.8% from a year earlier in the three months through September, down from 5.2% in the prior quarter, the National Bureau of Statistics said on Monday. The median forecast of analysts surveyed by Bloomberg was 4.7%.

Meanwhile, Chinese shipments overseas grew at the fastest rate in six months, far exceeding forecasts in a sign of resilience that’s giving Beijing a stronger hand in the latest trade war with the US.

Exports rose 8.3% in September from a year earlier to $328.6 billion, the biggest monthly total so far in 2025, according to data from the General Administration of Customs on Monday. That was faster than the 6.6% median estimate in a Bloomberg survey of economists and shows there’s no slowdown yet in the record-breaking flood of goods leaving China’s shores.

Shipments to the US plunged 27% — the sixth month of double-digit declines — a slump more than offset by strong growth in sales to regions like the European Union. In total, exports to non-US destinations grew 14.8%, the fastest since March 2023.

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