China's exports grew 25% in August as high-tech demand fueled a record trade surplus

China's exports grew 25% in August from a year earlier, driven by strong demand for high-tech goods and automobiles. Official customs data shows that China's global imports rose 28.2% during the same period, resulting in a trade surplus that expanded to $119.1 billion from $112.5 billion in July. Exports to the United States surged 34.4% in August, while exports to the European Union rose 6.6%. The trade surplus has drawn scrutiny from Western trading partners who are calling for Beijing to rebalance its trade and boost domestic demand. In response, the administration announced that China has never actively pursued a trade surplus, nor has it depreciated its currency to gain competitiveness. While exports continue to lead growth, domestic demand and investment in China remain sluggish. To address this, the government plans to inject $54 billion into state-owned banks and insurers. These economic developments come ahead of a planned meeting between Chinese leader Xi Jinping and President Trump in late September.

Sources

• AP News
  China’s exports pick up in August, jumping 25% as its trade surplus widens
• CNBC
  China's imports in August miss estimates as calls for rebalancing trade grow

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Paywall and unreadable sources

• WSJ
  China’s Trade Surplus Widens as Export Growth Accelerates
• The New York Times
  China’s Surging Exports Loom Over Trump’s Talks With Xi
• WSJ
  Three Numbers That Show Just How Big China’s Export Boom Is