By Emre Aytekin
BEIJING (AA) - China’s exports continued their strong growth in August, rising 8.7% year-on-year to $308.6 billion, according to data. Imports, however, saw only a modest increase of 0.5%, reaching $217.6 billion.
The foreign trade surplus for August was calculated at $91 billion, with exports surpassing expectations and outpacing July’s figures. In contrast, import growth lagged behind July’s 7.2% increase, according to the General Administration of Customs of China.
Analysts attribute China's export strength to global inflation, which has bolstered the country's competitiveness in foreign markets. At the same time, weak domestic demand and consumer confidence continue to weigh on import growth.
The surge in exports was also aided by a low base effect from the same period last year, further boosting year-on-year comparisons. In the first two months of 2024, China’s exports rose 7.1%, followed by fluctuations, including a 7.5% drop in March and a 7% rise in July.
On the import side, despite some growth earlier in the year, August’s 0.5% increase marked a slowdown, following a 7.2% rise in July and a 2.3% drop in June.
*Writing by Gokhan Ergocun in Istanbul