China August Imports Miss Estimates As Trade Surplus Swells
· Business · CNBC, Nikkei Asia
China's exports grew 25% in August from a year earlier, meeting analysts' forecasts and quickening from the 23.9% increase recorded in July. Imports rose 28.2% last month, missing economists' estimates of 30% in a Reuters poll while gathering momentum from 27.5% in July. The country's trade surplus swelled to $119.09 billion in August, up from $112.5 billion the previous month. Chinese shipments to the US surged 34.4%, while imports from the US grew 17.8% according to official customs data. Exports to the European Union expanded 6.6%, and imports ticked higher by 0.7%, while imports from South Korea more than doubled. Analysts note that exports remain the primary growth driver for the world's second-largest economy as domestic demand stays subdued amid mounting international pushback over trade imbalances.
Why it matters
Weaker-than-expected Chinese import growth highlights persistent domestic sluggishness while a surging trade surplus intensifies global pressure on Beijing to rebalance trade.
Read the original report — CNBC
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