China's Exports in August Rise 7.1% Year On Year

Image Source ： China Visual

BEIJING， September 8 （TMTPOST） – China‘s exports in August in U。S dollars jumped by 7。1% year-on-year， a sharp drop of 10。9 percentage points from July， while imports in U。S dollars increased by 0。3% year-on-year， 2 percentage points lower than that in July， according to the data released by the General Administration of Customs on Wednesday，

After the trade surplus reached a record high in the previous two months， the trade surplus narrowed to US $79。39 billion in August due to the obvious weakening of exports。

In terms of RMB， exports in August surged 11。8% year-on-year， with the growth rate falling by 12。1 percentage points。 Imports increased by 4。6% year-on-year， 2。8 percentage points lower than that in July。 The trade surplus in that month was 535。91 billion yuan （$79。26 billion）， a decrease of 146。78 billion yuan （$21。71 billion） from July。

The import and export performance in August was lower than the market expectation。

A survey on 12 domestic and foreign institutions by Caixin media shows that the average forecast of economists for the year-on-year growth rate of exports in August is 12%， and the forecast range is 8。5% to 15。5。 It means that the actual growth rate of exports is lower than the lower limit of market expectations。 The average forecast for the year-on-year growth rate of imports is 1。2%， and the forecast range is -1% to 4%； The average forecast of the trade surplus is 91。62 billion US dollars。

The export of mechanical and electrical products and high-tech products continued to be underperforming。 In August， electromechanical products increased by 4。3% year-on-year， 8。7 percentage points lower than that in July。 The year-on-year decline of integrated circuits increased by 11。9 percentage points to 17。2%。 Mobile phones changed from negative to positive year-on-year， with an increase of 21。5%。 Automobile exports continued to grow by 65。2% year-on-year， with a slight increase of 1。2 percentage points。

In terms of imports， as China’s domestic demand is weak， the import of major bulk commodities continues to be sluggish。 In August， the volume of imported crude oil decreased by 9。4% year-on-year， 0。1 percentage points lower than that in July， falling for three consecutive months。

Influenced by the fall of the high price of crude oil price， the growth rate of import volume in that month slowed down by 10。9 percentage points but still increased by 27。9% year-on-year。 The import volume and price of iron ore both fell， and the import volume and import value of that month decreased by 1。3% and 46。6% respectively year-on-year。 The import volume and price of soybeans decreased， and the import volume and import value decreased by 24。5% and 6。9% respectively。