China's Trade Balance for August, measured in Chinese Yuan, reached CNY649.34 billion, an increase from the previous CNY601.98 billion.
In August, exports rose by 8.4% year-over-year (YoY), up from 6.5% in July. Imports showed no growth YoY, compared to a 6.6% increase previously.
In US Dollar terms, China's trade surplus widened in August, coming in at $91.02 billion, surpassing the expected $83.9 billion and the previous $84.65 billion.
Exports increased by 8.7% YoY, higher than the expected 6.5% and the previous 7.0%. Imports grew by 0.5% YoY, falling short of the expected 2.0% and down from 7.2% last month.
Additional Takeaways
- From January to August, China’s USD-denominated exports increased by 4.6% YoY.
- During the same period, USD-denominated imports rose by 2.5% YoY.
- The trade surplus for this period totaled $608.9 billion.
- The trade surplus with the US for January to August was $224.57 billion.
- In August alone, the trade surplus with the US was $33.81 billion, compared to $30.84 billion in July.
FX Implications
The AUD/USD pair remains above 0.6650 following China’s expanded trade surplus. As of the latest update, the pair is down 0.05% on the day, trading at 0.6658.
