China’s exports show ‘strong competitiveness’ in August, but challenges remain

China’s exports rose by 8.7 per cent from a year earlier in August, while imports rose by 0.5 per cent last month

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Spanish Prime Minister Pedro Sanchez with President Xi Jinping in Beijing. Photo: AFP

Published: 11:23am, 10 Sep 2024Updated: 8:55am, 11 Sep 2024

As China’s exports grew at their fastest pace in 17 months in August – partly owing to front-loaded shipments to the European Union – Beijing has stepped up efforts to de-escalate trade tensions with its second-largest export destination.

Exports rose 8.7 per cent from a year earlier to US$308.65 billion in August, up from a 7 per cent increase in July, according to data released on Tuesday by China’s General Administration of Customs.

The reading beat the expected increase of 7.04 per cent surveyed by Chinese financial data provider Wind, though the growth figure likely benefited from a low base effect, as exports had contracted by 8.8 per cent during the same period last year.

Imports, however, rose by just 0.5 per cent from a year earlier in August, compared with 7.2 per cent growth seen in July.

The data came as a delegation led by China’s commerce vice-minister Li Fei met with EU director general for trade Sabine Weyand in Brussels on Monday to address ongoing trade frictions, China’s commerce ministry said on Tuesday.

“The anti-subsidy case involving electric vehicles is complex and has broad implications, posing significant challenges for China and the EU to reach an agreement through consultation,” the ministry said.