China’s exports expanded at a faster rate than expected in August, brushing aside the impact of a global resurgence of the Covid-19 pandemic, port congestion and supply bottlenecks, reports The Wall Street Journal. According to the General Administration of Customs, China’s outbound shipments rose 25.6% in August from a year earlier, higher than the 19.3% increase in July.
The result also comfortably topped the 17% increase expected by economists polled by The Wall Street Journal.
Shipments to each of China’s major trading partners increased at a faster year-on-year pace in August than in the prior month, according to calculations based on the official data. Exports to the European Union jumped 29.4% in August from a year earlier, accelerating from July’s 17.2% rise, while shipments to the Association of Southeast Asian Nations and the US rose by 16.6% and 15.5%, respectively.