China’s August trade surprises as imports and exports defy analysts’ expectations
- China’s exports grew by 25.6 per cent in August compared with a year earlier, up from 19.3 per cent growth in July
- China’s imports grew by 33.1 per cent last month, year on year, up from 28.1 per cent growth in the previous month
The latest figures also beat Bloomberg’s surveyed expectations among economists of a 17.3 per cent rise.
Imports also did better than expected, lifting by 33.1 per cent in August from a year earlier to US$235.98 billion.
They improved from the 28.1 per cent growth in July and exceeded expectations in the Bloomberg survey that called for a 26.9 per cent gain.
The growth rate was boosted by a favourable base effect, with imports falling by 2.1 per cent in August last year.
In total, between January and August, Chinese exports rose 33.7 per cent year on year to US$2.1 trillion, while imports rose 34.8 per cent to US$1.73 trillion.
All up, China’s total trade surplus rose to US$58.34 billion in August, compared with US$56.58 billion in July.
Among trading partners, the 10 countries of the Association of Southeast Asian Nations (Asean) continued to be China’s largest, followed by the European Union and the United States.
China’s exports to the 10 Asean countries rose to US$39.49 billion in August, up by 16.59 per cent compared with a year earlier, while imports rose by 26.65 per cent to US$32.78 billion. China’s trade surplus with the Asean states dropped 15.99 per cent year on year to US$6.71 billion in August.
In August, China’s trade surplus with the US rose to US$37.68 billion from US$35.43 billion in July. China’s imports from the US rose by 33.27 per cent to US$14.04 billion in August, while exports rose by 15.52 per cent to US$51.72 billion.