In latest sign of a high-flying recovery in Chinese economy, Beijing’s Customs data had revealed on Monday that the world’s second-largest economy’s export growth had been accelerated last month, however, imports edged lower amid a slide in domestic demands in light of a recession-hit global economy.
Besides, according to the China Customs data released earlier on the day, the trade-war struck country’s exports had surged by 9.5 per cent to $235.2 billion in August compared to the same time a year earlier, while imports tumbled 2.1 per cent to $176.3 billion compared to a contraction of 1.4 per cent registered a month earlier.
Apart from that, on a monthly basis, China’s exports grew by 9.5 per cent in comparison to a rise of 7.2 per cent in July.
China exports rise in latest sign of economy recovery
On tops of that, China exports data for August had largely coincided with that of the United States which had reported a torrential gain of 20 per cent to $44.8 billion in exports despite tariff hikes inclined by the Trump Administration alongside talks of decoupling with China, the largest importer of US goods.
Aside from that, followed by the reveal of China export-import data for August earlier on the day, analysts were quoted saying that the exporters in Beijing had been largely benefitted from the country’s early opening from the pandemic-led shutdowns, while a number of G7 economies had been witnessing record plunges in business activities.
Nonetheless, amid a raft of bright spots in the exports of US and Chinese goods, a resurgence of pandemic outbreak in Europe had slowed down its imports of Chinese goods, as the bloc’s economy, China’s largest foreign market, had witnessed a 20.1 per cent fall in exports to $35.7 billion on a year-on-year basis, while imports of the European goods had experienced a header of 29.7 per cent to $22.5 billion amid a global-scale slowdown in business activities.