Financial News: China Exports Growth Beats Expectations; Imports Rise At

China Exports Growth Beats Expectations; Imports Rise At Weaker Pace

09/10/2024 - 02:38:00 (RTTNews)

(RTTNews) - China's exports grew more than expected in August, while imports growth weakened sharply amid weak domestic demand, official data revealed Tuesday.

Exports posted an annual growth of 8.7 percent, faster than the 7.0 percent increase in July, data from customs office showed. This was the fastest expansion in 17 months. Economists had forecast shipments to climb 6.5 percent.

At the same time, imports grew only 0.5 percent. This was slower than economists' forecast of 2.0 percent and July's 7.2 percent increase. A major portion of imports are parts for re-exports, particularly in the electronics sector.

A sharp slowdown in imports together with a notable increase in exports pushed up the trade surplus. The trade surplus totaled $91.02 billion compared to $84.65 billion in July. This was well above consensus of $81.4 billion.

Capital Economics' economist Zichun Huang said outbound shipments are set to remain strong in the coming months despite more barriers being erected against Chinese goods.

The imposition of tariffs on Chinese goods only target a small portion of China's exports and their effect can be mitigated via trade rerouting and exchange rate moves, the economist said.

Further, the economist said imports are likely to rebound in the near-term. A pick-up in fiscal spending over the remainder of the year is likely to boost construction activity and increase demand for industrial commodities, Huang added.

Exports to the U.S. advanced 4.94 percent and that to the EU expanded around 13 percent. Shipments to the Association of Southeast Asian Nations rose nearly 9 percent.

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