China's exports grew by 25%

China's exports rose 25% in August compared to the same period last year. The main driver of the growth was strong demand for technology products. At the same time, domestic consumer spending and investment remain at low levels.

Exports of technology products are growing particularly fast. In the first eight months of the year, their value increased by 42.9%. Revenue from semiconductor exports doubled, while automobile exports grew by more than 50%. Demand is also high for electric vehicles, solar energy equipment, and lithium-ion batteries.

In August, China's trade surplus reached $119.09 billion, bringing the total since the start of the year to $805.51 billion. If the current pace continues, the figure will exceed $1 trillion for the second consecutive year.

Trade with the US also increased. China's exports to the American market rose 34.4% in August. Beijing and Washington are now discussing a mutual reduction of tariffs on roughly $30 billion worth of goods.

Source: Reuters