The surplus widens in August as exports exceed

China’s August trade balance in terms of Chinese yuan was CNY 649.34 billion, up from the previous figure of CNY 601.98 billion.

Exports rose 8.4 percent year-on-year in August from 6.5 percent in July. The country’s imports were 0% YoY in the same period compared to 6.6% recorded previously.

In US dollar terms, China’s trade surplus widened in August.

The trade balance came in at +91.02 billion versus +83.9 billion expected and +84.65 billion previously.

Exports (YoY): 8.7% vs. 6.5% expected and 7.0% previously.

Imports (annual): 0.5% vs. 2.0% expected and 7.2% last.

Supplementary food

China January-August USD-denominated exports +4.6% YoY.

China Jan-Aug USD-denominated imports +2.5% YoY.

China January-August Trade surplus in USD +608.9 billion.

The January-August trade surplus with the US reached +224.57 billion USD.

China’s August trade surplus with the US was $33.81 billion, up from $30.84 billion in July.

FX implications

AUD/USD holds back above 0.6650 after China trade surplus expansion. The pair is down 0.05% on the day, trading at 0.6658 at the time of writing.