Hong Kong:China's exports grew for a fifth consecutive month, in a sign of growing demand abroad even as imports fell amid a slowing Chinese economy.
Exports in August expanded by 8.7 per cent to USD 308.65 billion compared to the same period last year, according to data released by China's customs office Tuesday, beating economists' estimates of about 6.5 per cent. The export figures for August were also up from the 7 per cent rise in July. The reading in August is the strongest in 18 months, thanks in part to a low base in August 2023, when exports declined 8.8 per cent. By comparison, imports grew just 0.5 per cent compared to a year ago, falling short of the approximately 2 per cent estimate by economists.
Chinese leaders have ramped up investment in manufacturing to rev up an economy that stalled during the pandemic and is still growing slower than hoped. “Export values grew year-on-year at the fastest pace in 17 months, with export volumes hitting record highs. We expect exports to remain robust in the near term, supported by the decline in China's real effective exchange rate,” said Zichun Huang of Capital Economics.
