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.