Forex News

China exports report largest rise in 18 months as trade rebounds

China exports report largest rise in 18 months as trade rebounds

Trade data released on Monday showed that exports from China exports reported the strongest rise in 18 months in August, as trade rebounded worldwide after the ease of the Covid-19 closure restrictions.

China’s overseas sales climbed 9.5 percent in dollar terms in August from a year earlier to $235.3 billion, marking the largest monthly increase since March 2019. That’s the third-highest month on record.

Despite the fact the China had opened its economy earlier than other countries, imports posted an unexpected drop of 2.1 percent in August from a year ago.

Trade surplus narrowed to $58.9 billion from July’s surplus of $62.3 billion, yet that defied analysts’ projections of $49.8 billion surplus.

The trade surplus with the U.S. reached $34.2 billion, the highest since November 2018, reflecting the commitment of both sides to the phase-one trade pact.

As of 08:15 GMT, the dollar traded 0.08 percent lower versus the offshore yuan at 6.8323, where the pair hit its lowest level since May 2019 last week.

Share Article