Beijing (Reuters) – Chinese exports grew faster than expected in August.
They climbed by 25.6 percent compared to the same month last year, as the customs authority announced in Beijing on Tuesday. Economists polled by Reuters had expected an increase of 17.1 percent, after growth of 19.3 percent in July. Exports have recently benefited from stronger demand in industrialized countries. However, the exporters struggled with higher raw material and freight costs as well as logistical bottlenecks. Traffic jams in ports such as Ningbo resulted in further strained supply chains.
Imports also exceeded analysts’ expectations. They increased by 33.1 percent. Here experts had expected an increase of 26.8 percent, after plus 28.1 percent in July.
Recently there had been some weak economic data. China’s industry shrank for the first time since April 2020 and the service providers also had to put up with heavy losses.