China’s exports to major trading partners soar

In August, China’s trade figures showcased a notable rise in exports, which grew by 8.7 per cent year-on-year in US dollar terms, surpassing expectations and reflecting strong international demand.

China’s exports experienced a robust increase of 8.7 per cent year-on-year in August, surpassing forecasts of 6.5 per cent growth, according to the latest data from the customs agency. This positive performance contrasts with a modest 0.5 per cent rise in imports, falling short of the anticipated 2 per cent increase, Caliber.Az reports, citing foreign media. 

The growth in exports follows a 7 per cent rise in July, while imports had surged by 7.2 per cent during the same period. Analysts at Nomura suggest that the strong export figures might delay immediate policy support, with expectations for more substantial measures in the fourth quarter of this year. Exports to China’s major trading partners all showed improvements in August.

Shipments to the European Union saw the most significant increase, up 13 per cent year-on-year. Exports to the US and the Association of Southeast Asian Nations (ASEAN) also grew, with exports to the US rising by 12 per cent and to ASEAN by 5 per cent. China’s exports of cars surged nearly 40 per cent to 610,000 vehicles, with ship vessel exports also climbing by 40 per cent. Additionally, smartphone exports grew by 6.7 per cent, and suitcase exports rose by nearly 9 per cent. The value of integrated circuits exported increased by 18 per cent, while imports of these components rose by 11 per cent. 

In contrast, China’s rare earth exports fell by 1 per cent, and imports declined by 12 per cent. This comes after a policy announcement in June aimed at increasing oversight of the rare earths industry, driven by national security concerns. Furthermore, the Ministry of Commerce recently introduced export controls on antimony, effective later this month. China’s crude oil imports decreased by 7 per cent in volume in August. Year-to-date, exports have risen by 6.9 per cent in Chinese yuan terms, while imports increased by 4.7 per cent.