The latest data from China’s customs indicate that exports increased by 4.4% year-on-year, reaching $321.8 billion (approximately €274 billion).
This figure marks a slowdown compared to the 7.2% growth registered in July and falls short of the 5.4% forecasted by Chinese financial data provider Wind.
Imports rose 1.3% from August of the previous year, amounting to roughly $219.5 billion (€187 billion), which is also below July’s 4.1% growth and Wind’s prediction of 3.8%, indicating a persistently weak domestic demand.
China’s trade surplus expanded to $102.3 billion (€87 billion).
Despite decreased demand from the United States, previously China’s primary trading partner, the recent export growth has been driven by strong sales to Southeast Asia, Europe, Latin America, and Africa.
Exports to the United States fell again in August, dropping 33.1% year-on-year following a 21.7% decline in July.
Conversely, exports to ASEAN (Association of Southeast Asian Nations) countries surged by 22.5%, highlighted by a 31% increase in exports to Vietnam.
Exports to the European Union also demonstrated robust growth, rising by 10.4% year-on-year in August, following a 9.2% increase in the previous month.
