China’s foreign trade surplus unexpectedly declined to USD 79.39 billion in August, the lowest level in three months, according to data from the country’s General Administration of Customs said. By comparison, the balance of trade hit a record USD 101.26 bn in July, while analysts, on average, expected a more moderate decrease to USD 92.7 bn.
The August surplus narrowed due to slowing export growth amid the re-imposition of Covid lockdowns in major Chinese manufacturing hubs, as well as weakening foreign demand amid rampant inflation in many countries. Exports reached USD 314.92 bn in August, up 7.1% from a year earlier. It is the first one-digit growth rate since April.
To remind you, exports jumped 18% yo-y in July. Imports increased 0.3% y-o-y to USD 235.53 bn in August. The consensus forecast called for a 12.8% rise in exports and a 1.1% uptick in imports. In January-August, China’s foreign trade surplus totaled USD 560.52 billion, with exports and imports rising 13.5% y-o-y and 4.6% y-o-y, respectively.
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