China’s August imports surge 28.2%, outpace exports for sixth month

Data released by the General Administration of Customs on Tuesday showed that China’s total foreign trade reached 683.8 billion US dollars in August, up 26.3 percent from a year earlier.

Exports increased 25.0 percent year-on-year, accelerating from the previous month and in line with analysts’ expectations. The monthly trade surplus stood at 119.09 billion US dollars.

Trade with members of the Regional Comprehensive Economic Partnership (RCEP) also recorded strong growth. Imports from RCEP partners rose 37.8 percent, while exports increased 24 percent.

Strong global demand for artificial intelligence infrastructure drove growth in integrated circuit exports, which reached 40.73 billion US dollars in August. In the first eight months of the year, integrated circuit exports totaled 256.75 billion US dollars, up 103.9 percent year-on-year.

China remains the world’s largest manufacturing power and second-largest consumer market. It has also been the world’s second-largest import market for 17 consecutive years.

Chinese officials said China is focused on opening its market rather than pursuing a trade surplus. The country has granted zero-tariff access to 63 nations and lowered its average tariff rate to 7.3 percent.

Earlier, Qazinform reported Japan’s current account surplus rose to 2.99 trillion yen in July.