--- title: "China's soaring semiconductors exports and imports: all price, as volumes collapse" description: "Source: zerohedge\n \nGoldman Sachs \nHaver Analytics" image: https://blog.syzgroup.com/hubfs/1792407547572.jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. 20 Oct 2026 - - - #### China's soaring semiconductors exports and imports: all price, as volumes collapse Source: zerohedge Goldman Sachs Haver Analytics [#Technology|](https://blog.syzgroup.com/syz-the-moment/tag/technology) [#china](https://blog.syzgroup.com/syz-the-moment/tag/china) ![China's soaring semiconductors exports and imports: all price, as volumes collapse](https://blog.syzgroup.com/hubfs/1792407547572.jpg) ![China's soaring semiconductors exports and imports: all price, as volumes collapse](https://blog.syzgroup.com/hubfs/1792407547572.jpg) #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [china](https://blog.syzgroup.com/syz-the-moment/tag/china) #### [China's economy grew 4.5% last quarter, a hair above forecasts. Factories and exports carried it. Shoppers and home builders didn't.](https://blog.syzgroup.com/syz-the-moment/chinas-economy-grew-4.5-last-quarter-a-hair-above-forecasts.-factories-and-exports-carried-it.-shoppers-and-home-builders-didnt?hsLang=en) THE NUMBERS (China's statistics bureau, Oct 19) • Q3 GDP: +4.5% vs a year ago, up from 4.3% in Q2. Reuters poll expected 4.4% • Jan–Sep: +4.6%, just inside Beijing's 4.5–5% target • September exports: +29.6% (yuan terms) • September factory output: +5.5% • September retail sales: +1.1% • Real estate investment, Jan–Sep: −20.6%. Private investment: −10.4% • Urban unemployment: 5.2%, down from 5.3% THE FACTS • Growth did pick up for the first time this year: 5.0% in Q1, 4.3% in Q2, 4.5% in Q3 • Exports beat imports by about ¥6.46 trillion in Jan–Sep, roughly $965 billion • Households' real income rose 4.4%, slower than the economy • Source: https://lnkd.in/e9MskBzs NUANCE These are official, preliminary numbers, and outside economists have long questioned how smooth China's GDP data looks. The growth also leans on selling to the rest of the world, which is exactly what's fueling trade fights with the US and Europe. Retail sales at 1.1% say Chinese consumers still aren't spending. Can an economy keep growing on exports alone when its own shoppers won't spend? Source: Value Media News @ValueMediaNews **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 19/10/2026 [Technology|](https://blog.syzgroup.com/syz-the-moment/tag/technology) [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) #### [Another upward revision: Morgan Stanley now sees $1.6 trillion in total 2027 capex](https://blog.syzgroup.com/syz-the-moment/another-upward-revision-morgan-stanley-now-sees-1.6-trillion-in-total-2027-capex?hsLang=en) Source: zerohedge **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 19/10/2026 [Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) #### [According to MS, AA-rated hyperscalers are "mostly price insensitive to higher interest rates," since they start from interest coverage above 30x.](https://blog.syzgroup.com/syz-the-moment/according-to-ms-aa-rated-hyperscalers-are-mostly-price-insensitive-to-higher-interest-rates-since-they-start-from-interest-coverage-above-30x?hsLang=en) The problem is everyone else. In an illustrative exercise, MS has the high-quality hyperscalers issuing $400 billion at 7% next year, which takes coverage from 30.7x to a still-comfortable 11.9x. But give Oracle and SpaceX $120 billion at 8.5%, and their combined coverage collapses from 4.0x to just 1.8x. Source: zerohedge **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 19/10/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. [Discover more](https://blog.syzgroup.com/syz-the-moment) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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