China's export performance in August this year exceeded market expectations. However, imports fell short of forecasts.
According to the General Administration of Customs of China on the 10th, China's export value in August (in US dollars) was $308.6473 billion (approximately 415.1 trillion KRW), an 8.7% increase compared to the same period last year. This figure surpasses both the market forecast (6.5% increase) and the export growth rate of the previous month (7.0% in July).
On the other hand, imports recorded $217.6257 billion (approximately 292.7 trillion KRW), a 0.5% increase from the same period last year, falling short of the market forecast (2% increase) and the previous month's import growth rate (7.2%).
As a result, China's total trade volume in August was $526.273 billion (approximately 707.8 trillion KRW), up 5.2% from a year earlier. The trade surplus for the same month was $91.02 billion (approximately 122.3 trillion KRW).
When measured in yuan, August exports increased by 8.4% year-on-year, while imports remained at the same level as last year. The total trade volume in yuan terms rose by 4.8%. From January to August this year, cumulative exports in US dollars increased by 4.6% year-on-year, and imports rose by 2.5%. The total trade volume for the January-August period expanded by 3.7% compared to last year.
Looking at China's trade by partner countries (in US dollars) from January to August this year, exports to the ASEAN (Association of Southeast Asian Nations) region, including Vietnam (20.5% increase) and Malaysia (12.3% increase), rose by 10.6%, while imports from ASEAN countries increased by 3.5%. Trade with the Philippines, with which China has territorial disputes in the South China Sea, declined by 1.3% in both exports and imports.
Exports to the European Union (EU) increased by 0.7%, but imports decreased by 4%, resulting in a 1% reduction in trade volume. Exports to the United States rose by 2.8%, while imports remained at the same level as in July.
Exports to South Korea decreased by 2.4%, while imports increased by 13.3%. Trade with Japan saw declines in both exports and imports by 5.5% and 3.8%, respectively. Trade with Taiwan increased in both exports (12.4%) and imports (8%).
In yuan terms, from January to August this year, China's exports to Russia increased by 2.1%, and imports from Russia rose by 5.2%, expanding the trade volume by 3.8% compared to last year.
China has set its economic growth target for this year at around 5%, the same as last year, and has introduced policies to stimulate domestic demand. However, ongoing trade frictions with the US and other Western countries, along with a sluggish real estate market, have made it difficult to revitalize the overall economy. The growth rate for the second quarter of this year was 4.7%, below the market forecast of 5.1%.
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