Chinese exports grew faster than expected in August. Imports also exceeded analysts’ expectations.
Chinese exports climbed 25.6 percent in August compared to the same month last year, as the customs authorities announced in Beijing on Tuesday. Economists polled by Reuters had expected an increase of 17.1 percent, after a growth of 19.3 percent in July. Exports have recently benefited from stronger demand in industrialized countries.
However, exporters struggled with higher raw material and freight costs as well as logistical bottlenecks. Traffic jams in ports like Ningbo continued to disrupt 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 service providers also had to put up with heavy losses.