China’s Trade Unexpectedly Surges Despite Virus Outbreaks By Bloomberg

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© Reuters. China’s Trade Unexpectedly Surges Despite Virus Outbreaks

(Bloomberg) — China’s export growth unexpectedly surged in August, with port disruptions due to fresh outbreaks of the delta virus having limited impact on trade.

Exports rose 25.6% in dollar terms from a year earlier, while imports grew 33.1%, the customs administration said Tuesday, resulting in a trade surplus of $58.3 billion for the month. Economists surveyed by Bloomberg had forecast exports would increase 17.3% and imports would rise 26.9%.

The pickup came despite port delays and high shipping costs, which have disrupted global supply chains. Signs of a slowdown are starting to emerge globally as Covid cases rise, and while officials have warned of weaker export growth for the rest of the year as risks and challenges build, it’s yet to weigh on the actual value of exports. 

Manufacturing surveys last week showed a contraction in new export orders for a fourth consecutive month in August, which may signal a slowdown in the future. Beyond trade, the economy is taking a knock from a plunge in services activity related to Covid restrictions, a tightening in property curbs and lower infrastructure spending. 

©2021 Bloomberg L.P.

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