China’s imports surged 28.2% year-on-year in August in US dollar terms, outpacing export growth for the sixth consecutive month and marking the fourth straight month of double-digit growth.
According to data released by China’s General Administration of Customs on Tuesday, the country’s total foreign trade reached $683.8 billion in August, representing a 26.3% increase compared with the same period last year.
Exports rose 25.0% year-on-year, accelerating from the previous month and matching analysts’ forecasts. China recorded a monthly trade surplus of $119.09 billion.
Trade with members of the Regional Comprehensive Economic Partnership (RCEP) also recorded strong growth. Imports from RCEP partners increased by 37.8%, while exports to the bloc rose by 24%.
The strong performance was partly driven by growing global demand for artificial intelligence infrastructure. China’s integrated circuit exports reached $40.73 billion in August, while total exports for the first eight months of the year climbed to $256.75 billion, representing a 103.9% year-on-year increase.
As the world’s largest manufacturing economy and second-largest consumer market, China continues to position itself as an important driver of global economic growth. The country has remained the world’s second-largest import market for 17 consecutive years.
Chinese officials have reiterated that China is not deliberately pursuing a large trade surplus. Instead, they say the country is focused on expanding high-level opening-up and increasing market access for international partners.
China has granted zero-tariff access to 63 countries and reduced its average tariff rate to 7.3%. Officials say these measures are intended to further open China’s huge domestic market and create greater opportunities for businesses and trading partners around the world.