China’s exports grow 9.5% in August

China’s exports (products, not including services) grew 9.5% year-on-year in August and reached 235.26 billion dollars, the Customs Administration of that country reported.

China is the world’s largest global merchandise exporter and the second largest importer, surpassed by the United States.

From January to August, China’s exports totaled $ 1 trillion 571.64 billion, a decline of 2.3%, at an annual rate.

On the other hand, Chinese imports of goods fell 2.1% in August, to 176,330 million dollars, and decreased 5.2% in the accumulated of the first eight months of the year, to 1,282.58 billion dollars.

In the first quarter of 2020, China’s manufacturing output was hit hard by the Covid-19 outbreak, with production dropping 13.9 percent.

Already the latest seasonally adjusted figures point to a rapid recovery, with manufacturing production increasing 2.8% in the second quarter of the year.

Most Chinese industries have seen growth in the second quarter of 2020, with only a few exceptions, such as clothing (-7.4%), furniture (-7.9%), or leather products (-11.1 percent).

Computer electronics (11.2%), electrical equipment (6.8%) and machinery (6.3%) recorded high production growth in the second quarter of 2020.

However, it remains to be seen whether China’s export-oriented economy will maintain this high level of production given moderate demand around the world.

China’s exports

Chinese foreign sales achieved the third consecutive month of increase in August.

Throughout 2019, China’s exports were unchanged at a year-on-year rate, at $ 2.5 trillion.

Particularly in August, Chinese overseas product sales hit all-time highs in medical supplies.

China accounted for 13.3% of the total exports of the goods in the world in 2019.