A cargo ship laden with containers navigates near Yantian port in Shenzhen, observable amid the COVID-19 pandemic on May 17, 2020. (Martin Pollard | Reuters)
BEIJING — In a surprising boost to its economy, China’s exports surged by 8.7% year-on-year in U.S. dollar terms in August, surpassing the anticipated 6.5% year-on-year growth forecast by a Reuters poll, as reported by the customs agency. Meanwhile, imports saw a modest 0.5% increase, falling short of the expected 2% rise.
In July, China’s exports had risen by 7% from a year earlier, while imports showed an impressive 7.2% growth. The August data highlighted robust export performance to key trading partners, including the United States, European Union, and ASEAN countries. Notably, exports to the EU experienced a significant climb, up 13% according to CNBC’s analysis of the official figures.
Imports from the U.S. recorded a 12% uplift in August compared to the previous year, though imports from the EU declined. ASEAN nations saw a 5% uptick in imports from China. Conversely, imports from Russia contracted by 1%, while exports to Russia increased by 10%.
China’s export sector appears to be a critical pillar in an economy striving to invigorate domestic demand. The core consumer price index—which filters out the more erratic food and energy prices—climbed by only 0.3% in August from a year earlier, marking the slowest growth since March 2021, based on data from Wind Information.
The nation’s burgeoning export dependency comes amid escalating trade frictions with the U.S. and EU, inducing additional tariffs on Chinese electric cars and other goods.
This story is developing. Stay tuned for more updates.
Original Story https://www.cnbc.com/2024/09/10/china-trade-data-august-2024-exports-imports.html
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