China Trade

Merchandise trade surplus increases in August

Latest reading: In August, the trade balance was USD +119.1 billion, following a USD +112.3 billion figure in the prior month and marking the second highest monthly reading on record. Over the last 12 months, the trade balance summed to USD +1204.8 billion. Merchandise exports were up 25.0% in annual terms in August, following a 23.9% rise in the prior month. IT exports were the key growth driver. Merchandise imports rose 28.2% in year-on-year terms in August, following a 27.6% increase in the previous month.

Panelist insight: Digging into the data, Nomura analysts said: “The semiconductor supercycle remains the dominant driver of both export and import growth, with price effects playing an important role. Imports of crude oil continued to contract heavily, which suggests Beijing remains cautious about resuming crude imports while prices are elevated. We expect the momentum of both import and export growth to continue in coming months.”

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