China Exports Grow For Fifth Consecutive Month, Reach $308.65 Billion

China exported $308.85 billion worth of goods in August, up 8.7% and marking the fifth consecutive monthly increase, the country's customs office said Tuesday.

The robust figures came as imports grew just 0.5% compared to a year ago, falling short of a 2% estimate by economists as the Chinese economy slows, the Associated Press reported.

The export figure beat expectations of 6.5% and was the strongest in 18 months, due in part to an 8.8% decrease recorded in August 2023, AP said.

It also boosted China's trade surplus to $91.02 billion, up from $84.65 billion in July, with the Association of Southeast Asian Nations remaining China's largest trading partner.

Exports to ASEAN, the United States and the European Union all increased expanded compared to the same period last year, AP said.

China expert Zichun Huang of London's Capital Economics research company said Chinese experts were expected to stay strong "in the near term, supported by the decline in China's real effective exchange rate."

"Imports volumes fell last month, but they will probably rebound in the coming months, with strong external demand lifting imports for processing and re-export, and increased fiscal spending boosting industrial commodities demand," Huang told AP.

The soft demand for imports was coupled with a higher than expected 0.6% increase in China's consumer price index that officials blamed on higher food prices caused by bad weather.

China's factory output also hit a six-month low in August, according to data released last week.

The official Purchasing Managers' Index slipped under 50 to 49.1, signaling a contraction in manufacturing activity, AP said.