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China exports rose 25.6% yoy in Aug, imports up 33.1% yoy, trader surplus at USD 58.3B

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China exports rose 25.6% yoy in Aug, imports up 33.1% yoy, trader surplus at USD 58.3B

ByActionForex.Com
Sep 07 21, 03:22 GMT

In August, in USD term, China’s total trade rose 28.8% yoy to USD 530.3B. Exports rose 25.6% yoy to USD 294.3B. Imports rose 33.1% yoy to USD 236.0B. Trade surplus came in at USD 58.3B, above expectation of USD 52.3B.

Year-to-August, total trade rose 34.2% yoy to USD 3827.8B. Exports rose 33.7% yoy to USD 2095.1B. Imports rose 34.8% yoy to USD 1732.7B. Trade surplus came in at USD 362.5B.

 
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China's economy gets welcome boost from surprisingly strong Aug exports
Reuters
September 7, 2021

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BEIJING, Sept 7 (Reuters) - China's exports unexpectedly grew at a faster pace in August thanks to solid global demand, helping take some of the pressure off the world's second-biggest economy as it navigates its way through headwinds from several fronts.

The Asian giant staged an impressive recovery from a coronavirus-battered slump, but economic momentum has weakened recently due to the Delta variant-driven COVID-19 outbreaks, high raw material prices, slowing factory activity, tighter measures to tame hot property prices and a campaign to reduce carbon emissions.

Shipments from the world's biggest exporter in August rose 25.6% year-on-year, picking up speed from a 19.3.% gain in July, customs data showed on Tuesday, pointing to some resilience in China's industrial sector.

Analysts polled by Reuters had forecast growth of 17.1%.


"While near-term headwinds remain, supply constraints in China have eased and we think the global economic recovery will continue to underpin China’s exports later this year and in 2022," said Louis Kuijs, head of Asia economics at Oxford Economics.

Exports from neighbouring countries also showed encouraging growth last month, with South Korean shipments accelerating on strong overseas demand read more

The shipments breakdown showed a broad-based uptick across all goods types, said Sheana Yue, assistant economist at Capital Economics.

"In particular, the rebound in Chinese-made consumer goods such as electronics, furniture and recreational products possibly reflected retailers in advanced economies replenishing their inventories ahead of the Christmas shopping season," said Yue.


Moreover, some of the port gridlock appears to have cleared in a boost to China's shippers last month.

The eastern coastal ports have suffered congestion as a terminal at the country's second biggest container port shut down for two weeks due to a COVID-19 case. That put further pressure on global supply chains already struggling with a shortage of container vessels and high raw material prices. read more

The stretched global shipping capacity has left many boxes of finished goods piled up on Chinese factory floors, a factor set to bump up Chinese export numbers over coming months, said Meng Xianglong, founder of Heji Trade & Credit Research Centre based in the port city of Ningbo.

"I think it's expected that China's robust export growth will extend until the end of this year (around Christmas) or even into the beginning of the next year," Meng said, adding that some factories are fully booked until the first quarter of 2022.


MORE STIMULUS ON TAP?

However, behind the robust headline figures, businesses are struggling on the ground. Companies faced increasing pressure in August as factory activity expanded at a slower pace while the services sector slumped into contraction. A global semiconductor shortage has added to the strains on exporters. read more

The country appears to have largely contained the latest coronavirus outbreaks of the more infectious Delta variant, but it prompted measures including mass testing for millions of people as well as travel restrictions of varying degrees in August.

Many analysts expect the central bank to deliver a further cut to the amount of cash banks must hold as reserves later this year to lift growth, on top of July's cut which released around 1 trillion yuan ($6.47 trillion) in long-term liquidity into the economy.


Imports increased 33.1% year-on-year in August, beating an expected 26.8% gain in the Reuters poll, led by still high commodity prices and partly reflecting the statistical effect of the low figures a year ago.

Commodity prices remain elevated despite Beijing's attempts to cool them. In July, imports grew 28.1%.

China's coal imports in August rose 35.8% from a year ago due to tight domestic supply and strong demand, while iron ore imports also picked up for the first time in five months.

China posted a trade surplus of $58.34 billion in August, versus the poll's forecast for a $51.05 billion surplus and $56.58 billion in July.


The trade surplus with the United States - a source of years-long friction between the two economic powers - rose to $37.68 billion from $35.4 billion in July, Reuters calculations based on the customs data showed.

 
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Vietnam's trade deficit in the first eight months of 2021 is 3.71 billion U.S. dollars
 
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China Trade Surges to New Records on Strong U.S., EU Demand
Bloomberg News
2021年9月7日 GMT+8 上午11:17 Updated on 2021年9月7日 GMT+8 下午1:30
  • Exports climbed as suppliers likely boosted year-end orders
  • Data show limited effect of disruptions at Ningbo port
 
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Decoupling from China isn’t easy. Just look at the PPE market
By CNN
Published September 7, 2021

China’s trade with the rest of the world surged to record highs last month, easing fears that a stubborn coronavirus outbreak and the global shipping crisis were stalling the economy.

Exports spiked 25.6% in August from a year ago to $294.3 billion, according to customs statistics published Tuesday. Imports jumped 33.1% over the same period to $236 billion. Both figures were the highest on record.

The massive growth compares to 2020 figures made worse by the impact of the coronavirus pandemic, but August’s numbers were also well above economists’ expectations, and stronger than gains seen in July.

For the first eight months of 2021, exports and imports rose 34% and 35%, respectively, compared with the same period last year. China’s trade surplus hit $362.5 billion, up nearly 30%.

The surprisingly solid trade data “points to resilience” in the Chinese economy, said Louis Kuijs, head of Asia economics at Oxford Economics.

“While near-term headwinds remain, supply constraints in China have eased and we think the global economic recovery will continue to underpin China’s exports in the end of this year and in 2022,” he wrote in a research report on Tuesday.

Exports were aided by shipments of electronics and household appliances. The United States was China’s top export market: The country bought $51.7 billion worth of goods in total in August.

“The bottom line is that China’s trade data continues to act to mitigate against the impact of slowing domestic growth,” said Mitul Kotecha, chief emerging Asia and Europe strategist for TD Securities.

The Chinese economy has weathered the Covid 19 pandemic stronger than other major economies.

But it faces a lot of challenges. Recently, China experienced its worst coronavirus outbreak in a year spurring authorities to take dramatic measures to stop new infections, including locking down cities, canceling flights and suspending trade.

Supply bottlenecks and tighter credit conditions have also weighed on activity, while a sweeping regulatory crackdown on tech, education and other sectors has shaken investor confidence and wiped trillions of dollars off the market value of Chinese companies.

Recent survey data has pointed to a shaky economy. An official survey of manufacturing activity last month indicated the lowest rate of growth since the start of the pandemic, while a private survey showed the first contraction since April 2020. Services industries also suffered, with the official non-manufacturing survey registering the first contraction since February 2020.

Trade had also been a big concern. Last month, authorities shut down part of Ningbo-Zhoushan port — the world’s third largest container port — for weeks after a dock worker tested positive for Covid. The port handles goods that would fill around 78,000 20-foot containers every day. That triggered worries that it could exacerbate the congestion at Chinese ports and add extra disruption to an already stretched supply chain.

But Goldman Sachs economists said on Tuesday that port disruptions in Ningbo appeared to have “limited impact” on trade activities.

It was “likely because lockdown restrictions at ports were relatively targeted and throughput volume was redirected to nearby ports,” they said in a research note.

 
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China Trade Surges to New Records on Strong U.S., EU Demand
Bloomberg News
2021年9月7日 GMT+8 上午11:17 Updated on 2021年9月7日 GMT+8 下午1:30
  • Exports climbed as suppliers likely boosted year-end orders
  • Data show limited effect of disruptions at Ningbo port

From this article,

" Exports rose 25.6% in dollar terms from a year earlier to a record $294.3 billion, more than $10 billion above any previous month. Imports grew 33.1% to $236 billion, also the highest level ever, leaving a trade surplus of $58.3 billion for the month, the customs administration said Tuesday. "

$294 billion PER MONTH exports.

This is crazy. Like this is another scale game.
 
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