China’s exports grew faster than expected in August thanks to strong global demand, relieving some pressure on the world’s second-largest economy as it tries to overcome many problems on several fronts.
The Asian giant made a strong recovery from the repercussions of the Corona virus, but the economic momentum has weakened recently due to the outbreak of the delta strain, the rise in raw material prices, the slowdown in factory activity, the tightening of measures to curb the rise in real estate prices and a campaign to reduce carbon emissions.
Customs data showed that shipments from the world’s largest exporter rose 25.6% in August on an annual basis from 19.3% in July, indicating the resilience of China’s industrial sector. Analysts, in a Reuters poll, had expected a growth of 17.1%.
Exports from neighboring countries also showed encouraging growth last month, as shipments from South Korea picked up thanks to strong external demand.