MNI DATA IMPACT: China Aug Exports +9.5% Y/Y

BEIJING (MNI) - China's exports recovered at a faster rate in August on a monthly basis, but imports are still being hurt by the pandemic, data from General Customs showed on Monday.

Here are some takeaways from the release:

• Exports accelerated to 9.5% y/y to $235.26 billion in August, marking the third consecutive monthly rise. Exports declined 2.3% y/y over the first two thirds of the year, narrower than the previous 4.1% y/y slump.
• Exports to the EU rose 2.1% y/y in the first eight months, while those to Japan and the US fell 2.7% y/y and 3.6% y/y respectively in the Jan-Aug period.
• Imports dipped further by 2.1% y/y to $176.33 billion, following last month's 1.4% decline. Imports have fallen 5.2% y/y so far this year, slower than the 5.7% y/y decline reported in Jan-July.
• Jan-Aug imports from ASEAN countries showed the only gain out of five markets, up by 3.9% y/y. Imports from the EU, Japan and the US were down 6.8%y/y, 1.4% y/y and 2.9% y/y, respectively.
• The trade surplus narrowed to $58.9 billion in August from $62.3 billion posted in July, bringing the total balance to $289.1 billion for the Jan-Aug period.