China's exports jumped 25% in August from a year earlier on strong demand for autos and high-tech goods as its record trade surplus widened further, its customs agency said Tuesday. This was reported by Qazaqyia.kz citing Associated Press.
The data was broadly in line with what economists had expected and comes just ahead of a planned meeting between Chinese leader Xi Jinping and U.S. President Donald Trump. That's set for late September, though Beijing has not yet confirmed the exact date for the visit.
Trade is expected to be among the key topics of discussion between Trump and Xi when the two leaders meet.
China's global imports climbed 28.2% in August from a year earlier, up from July's 27.5% rise. Exports grew 23.9% year-on-year in July. The trade surplus expanded in August to $119.1 billion from $112.5 billion in July.
Policymakers in the U.S. and elsewhere have raised concerns over China's ballooning trade surplus, which surged to a record $1.2 trillion for the whole of last year. Beijing has said that it is not seeking to maximize its trade surplus.
In August, China's exports to the U.S. totaled $42.5 billion, up 34.4% year-on-year, in part due to a base effect after higher U.S. tariffs caused exports to fall last year. U.S. exports to China last month were $13.3 billion, leaving a trade surplus in China's favor of about $29.2 billion, according to Chinese data.
Exports to the EU rose 6.6%, while those to Southeast Asia and Latin America rose 30.2% and 17.5%, respectively.
Exports have consistently outpaced imports and are "set to lead to a new record-high trade surplus this year," said Lynn Song, chief economist for Greater China.