MNI DATA BRIEF: China Aug Exports Surge; Imports Strong

China's exports in August surged 25.6% y/y to USD294.32 billion, overwhelming the 17.3% y/y consensus and last 19.3% y/y growth, showing a very resilient rebound on back of the quickly increased Delta variants which had forced factory shutdowns in part of Asia, data from China General Administration of Customs on Tuesday showed.

The trade surplus rose to USD58.34 billion from the previous USD56.59 billion.

Imports jumped 33.1% y/y growth to USD235.98 billion, partly due to the fast rising raw material prices including iron and ore, crude oil and coal, according to Customs release.

Among exported products, mechanical, plastic and steel products increased by 23.8%, 24.6% and 31.6% respectively.

Total exports In the first eight months rose 33.7% y/y. Shipments to the U.S. soared nearly 33.3% y/y, while those to the EU and Japan gained almost 32.4% and 18.1%, respectively.

Imports increased 34.8% y/y in the Jan-Aug period. Total imports from the U.S. in this period surged 48.0% y/y, while those from the EU and Japan rose nearly 32.3% and 24.6%, respectively.