Chinese exports have grown rapidly so far this year, growing 9.5% year-on-year, while imports fell for the second month in a row, providing a mixed picture for the Chinese economy. Surprisingly resilient export activities over the past few months have benefited from the initial normalization of Chinese production, the acceleration of exports of medical equipment and electronics products, as well as the provision of financial assistance to other countries. Although these effects may continue in the coming months, they are likely to subside by the end of the year.
Exports to the U.S. and Asian counterparts such as South Korea and Taiwan grew stronger than expected in August, while export growth in most European countries slowed compared to last month. By products, exports of automated data processing, as well as mechanical and electronic products were the main drivers behind the jump.
Surprising export activity over the past few months can be attributed to the initial normalization of production in China while other countries were still in lockdown mode, with exports of medical equipment and electronics accelerated as people around the world started working from home.
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