Import growth down, exports up, trade surplus hits high

Import growth fell for the second month running in August, by 2.4% year on year Reuters reported, citing the General Administration of Customs. While imports cooled, export growth heated up by 9.4% year on year, though down from the sizzling 14.5% growth rate of July. This pushed China’s trade surplus to an all-time high of RMB305.8 billion (USD$49.8 billion), which could drive the yuan higher. Some analysts cited a sluggish real estate sector, which accounts for 15% of China’s economic output and is experiencing its worst downturn in two years.