China Export Growth at 6-Month Low

Exports from China grew by 4.4% yoy to USD 321.8 billion in August 2025, falling short of expectations for a 5% increase and slowing from a 7.2% gain in July. This marked the softest pace of outbound shipments since February, weighed down by a temporary easing of tariff pressures and waning demand from its top consumer market. On August 11, China agreed to extend its tariff truce with the United States for 90 days, locking in place US tariffs of 30% on Chinese imports and Chinese duties of 10% on US goods. For the first eight months of 2025, China’s exports climbed by 5.9% yoy, totaling USD 2.45 trillion. During the period, shipments increased to Japan (4.7%), Australia (3.4%), India (12.8%), the UK (8.2%), the ASEAN countries (14.6%), and the EU (7.5%). Conversely, exports to the US fell by 15.5%. By commodity, export growth was recorded in agricultural products (1.0%), fertilizer (53.2%), ceramic products (1.3%), LCD flat panel display modules (8.8%), ships (18.3%), and cars (10.8%).