China’s export growth last month outstripped most forecasts, with shipments to the U.S. seeing significant expansion.
Total exports last month from China increased by 7.1 percent year-on-year, up from 5.1 percent year-over-year growth in July. Outbound shipments of electronics, textiles, toys, apparel and machinery were all more than 6.5 percent higher than a year earlier.
Exports to the U.S. accelerated from 5.3 percent year-over-year growth in July to 6.1 percent last month, although this was partially offset by slowing growth in sales to the EU which increased 2.5 percent year-over-year in August, down from the 2.8 percent expansion recorded in July.
“August's better-than-expected exports numbers, combined with recent upside surprises in economic releases of the U.S. and EU, suggests that external demand for China's exports is improving, or at least, stabilizing,” said HSBC China economist Xiaoping Ma.