MNI BRIEF: China Aug Exports Up 8.7% Y/Y, Surplus $91.0 Bln
MNI (BEIJING) - China's exports rose for the fifth consecutive month by 8.7% y/y in August, beating the 6.6% market consensus and accelerating from July’s 7.0%, data released by Customs on Tuesday showed.
Imports grew by 0.5% y/y, down from July's 7.2% increase and missing the 2.3% forecast. Imports increased 2.5% y/y over the Jan-Aug period, slowing from 2.8% between January and July.
China’s trade surplus in the first eight months hit USD608.5 billion, with August contributing USD91.02 billion.
ASEAN was the largest trading partner with China in the first eight months - the total trade value with the association was USD633 billion, an increase of 7.6%, accounting for 15.7% of the total foreign trade. EU was the second largest trading partner, with exports amounting to USD342.6 billion, or 0.7% growth; imports hit USD180.5, a decrease of 4.0%. The U.S. ranked the third largest with exports increasing 2.8% and imports remaining flat, customs said.