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China's exports increased by 8.7% in August, surpassing forecasts and indicating robust economic performance. This unexpected growth highlights China's strong position in global trade and suggests a positive outlook for its export sector. The rise in exports reflects resilience in China's economy amid international trade dynamics.
China’s exports increased by 8.7% year-on-year in U.S. dollar terms for August, surpassing the anticipated 6.5% growth, according to the customs agency and a Reuters poll. Imports grew by just 0.5%, falling short of the 2% forecasted rise. In July, exports had risen by 7%, and imports had increased by 7.2%.
Exports to major trading partners, including the U.S., EU, and ASEAN, all saw growth, with exports to the EU rising the most at 13%. Imports from the U.S. grew by 12%, while those from the EU decreased. Imports from ASEAN increased by 5%, and imports from Russia fell by 1% while exports rose by 10%.
China's car exports surged nearly 40% to 610,000 vehicles, with ship exports also rising by 40%. Smartphone exports grew by 6.7%, and suitcase exports increased by nearly 9%. Exports of integrated circuits rose by 18%, while imports climbed by 11%.
In contrast, rare earth exports dropped by 1%, and imports fell by 12%, partly due to new export controls on antimony announced in August. Crude oil imports declined by 7% in volume.
Year-to-date, exports in Chinese yuan increased by 6.9%, with imports up by 4.7%. Despite the strong export performance, concerns about domestic demand and the risk of increased tariffs from a potential Trump administration are impacting market sentiment. Mainland Chinese stocks traded lower, and upcoming data releases on retail sales, industrial production, and investment are anticipated. The core consumer price index rose by 0.3% in August, marking the slowest increase since March 2021. Rising trade tensions with the U.S. and EU are contributing to the complexity of China’s economic landscape.
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Sourse: cnbc
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