On May 17, 2020, a cargo ship carrying containers appeared near Yantian Port in Shenzhen following the outbreak of the novel coronavirus disease (COVID-19) in Guangdong Province, China.
Martin Pollard | Reuters
BEIJING – China’s exports rose 8.7% year-on-year in U.S. dollar terms in August, customs agency data showed.
That was higher than forecasts for year-on-year growth of 6.5% in dollar terms, according to a Reuters poll.
Imports grew by 0.5%. In dollar terms, the increase was below last year’s forecast of 2%, the survey showed. Exports grew 7% in July Compared with the same period last year, imports grew by 7.2%, exceeding expectations.
In August, China’s exports to its major trading partners, the United States, the European Union and the Association of Southeast Asian Nations, all increased compared with the same period last year. Exports to the EU grew the fastest, up 13%, according to CNBC calculations of official data.
Data analysis shows that China’s imports from the United States increased by 12% year-on-year in August, while imports from the European Union fell. Imports from ASEAN increased by 5%.
Data analysis shows that China’s imports from Russia fell by 1%, while exports increased by 10%.
China’s automobile exports increased by nearly 40% in August, reaching 610,000 units. Ship exports increased by 40%, and the export volume of smartphones increased by 6.7%. Luggage exports grew by nearly 9%.
The export value of integrated circuits increased by 18%, and the import value increased by 11%.
Rare earth trade declines
In August, China’s rare earth exports fell by 1% compared with the same period last year, and imports fell by 12%.
nation New policy announced in June Out of national security considerations, strengthen supervision of the domestic rare earth industry. In August, the Commerce Department’s move surprised some key mining industry players: Antimony Export Controls The policy will take effect in late September.
China’s crude oil imports fell 7% in August.
In RMB terms, exports have grown by 6.9% year-to-date, while imports have grown by 4.7%.
China’s exports have always been a bright spot in an economy that has struggled to boost domestic demand.
The core consumer price index excludes volatile food and energy prices. Up 0.3% in August Official data released on Monday showed that compared with a year ago. This is the slowest since March 2021, according to Wind Information.
China’s growing reliance on exports comes as trade tensions with the United States and the European Union intensify, leading to increased tariffs on Chinese electric vehicles and other products.
