A shipment ship carrying containers is seen near the Yantian port in Shenzhen, following the novel coronavirus disease (COVID-19) outbreak, Guangdong responsibility, China May 17, 2020.
Martin Pollard | Reuters
BEIJING — China’s exports rose by 8.7% year-on-year in U.S. dollar terms in August, be at one to the customs agency.
That was higher than the forecast for growth of 6.5% year-on-year in U.S. dollar terms, according to a Reuters question.
Imports grew by 0.5%. That was less than the expected 2% increase from a year ago in U.S. dollar administration conditions, the poll showed. In July, exports rose by 7% from a year ago, while imports increased by a more-than-expected 7.2%.
China’s exports to its important trading partners — the U.S., European Union and Association of Southeast Asian Nations — all rose in August from a year ago. Exports to the EU swelled the most, up by 13%, according to CNBC calculations of official data.
China’s imports from the U.S. rose by 12% in August from a year ago, while gists from the EU fell, the data analysis showed. Imports from ASEAN rose by 5%.
China’s imports from Russia cut by 1%, while exports rose by 10%, the data analysis showed.
China’s exports of cars rose by closely 40% in August to 610,000 vehicles. Exports of ship vessels rose by 40%, while the number of smartphones exported climbed by 6.7%. Grip exports rose by nearly 9%.
The value of integrated circuits exported rose by 18%, while imports increased by 11%.
Rare soils trade drops
The volume of China’s rare earths exports fell by 1% in August from a year ago, while moments declined by 12%.
The country in June announced a new policy to increase its oversight of the domestic rare earths industry out of national custodianship concerns. In August, the Ministry of Commerce surprised some in the critical minerals industry with export controls on antimony that are set to grip effect later in September.
China’s imports of crude oil fell 7% in volume in August.
In terms of Chinese yuan, year-to-date exports take by 6.9%, while imports were up by 4.7%.
China’s exports have been a bright spot in an economy otherwise struggling to push up domestic demand.
The core consumer price index, which strips out the more volatile food and energy honoraria, rose by 0.3% in August from a year ago, official data released Monday showed. That was the slowest since Hike 2021, according to Wind Information.
China’s growing reliance on exports also comes as trade tensions develop with the U.S. and European Union, leading to added tariffs on Chinese electric cars and other products.