In August, China increased exports by 8.7% year-on-year to $308.65 billion, according to the report of the General Administration of Customs of the People’s Republic of China.
Thus, the figure reached its highest level in 23 months. At the same time, the increase was the most significant since March 2023.
Imports increased by 0.5% to $217.63 billion.
Analysts on average predicted a 6.5% increase in exports and a 2% increase in imports, according to Trading Economics.
China’s exports to South Korea last month increased by 3.4%, to the European Union by 13.4%, to the United States by 4.9%, and to ASEAN by 8.8%.
Imports from South Korea increased by 13.3%, ASEAN by 3.5%, India by 3.2%, and Russia by 3.2%. Meanwhile, supplies from the European Union decreased by 4%, Japan – by 3.8%, the United Kingdom – by 2.1%, and the United States – remained unchanged.
China’s foreign trade surplus in August increased to $91.02 billion compared to $67.81 billion in the same month of 2023. The surplus in trade with the United States amounted to $33.81 billion.
In January-August, China’s exports rose by 4.6% year-on-year (to $2.31 trillion), while imports increased by 2.5% (to $1.71 trillion). The foreign trade surplus amounted to $608.49 billion, including $224.57 billion in trade with the United States.
