China's exports rise as manufacturers rush to beat tariffs, while imports lag

9/11/2024 6:14:33 AM

(MENAFN) In August, China's exports experienced their most significant growth in approximately 18 months, reflecting a surge in manufacturing as companies work to fulfill orders before anticipated tariffs from various global trading partners. According to data from the General Administration of Customs released on Tuesday, outbound shipments increased by 8.7 percent year-on-year, marking the highest growth rate since March 2023 and surpassing the anticipated 6.5 percent rise projected by a news agency. This follows a 7 percent increase in July, indicating a robust export performance.

However, the country’s imports fell short of expectations, rising only 0.5 percent year-on-year in August. This figure was well below the anticipated 2 percent growth and a significant decrease from the 7.2 percent increase recorded in July. Despite the weak performance in imports, China's trade surplus expanded to USD91 billion in August, exceeding the expected USD81.4 billion and surpassing the USD84.6 billion surplus from July. This robust export performance highlights its importance as a key driver for China’s USD19 trillion economy, which continues to face challenges from a persistent property downturn and a sluggish labor market, adversely impacting consumer confidence.

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