中国8月进出口数据点评：出口延续偏强

Export Performance - In August 2024, China's exports grew by 8.7% year-on-year, exceeding expectations of 6.6% and the previous value of 7.0%[1] - The trade surplus expanded to $91.02 billion, surpassing the expected $81.1 billion and the previous value of $84.65 billion[1] - Mechanical and electrical products saw a marginal increase in export growth, reaching 12.7%, contributing nearly 7.5 percentage points to overall export growth[2] Import Trends - Imports in August 2024 grew by only 0.5% year-on-year, significantly lower than the expected 2.5% and the previous month's growth of 7.2%[1] - Key imports such as iron ore and crude oil saw declines of 13% and 5% respectively, contributing to the overall slowdown in import growth[4] - Integrated circuits and automatic data processing equipment imports increased by 11.5% and 71.7%, respectively, driving import growth[4] Sector-Specific Insights - Automotive exports, including chassis, surged by 32.7%, marking a significant increase from the previous month's growth of 13.9%[2] - Labor-intensive products like bags, clothing, and toys experienced a decline in export growth, while furniture exports fell by 8.6% year-on-year[4] - Exports to the EU and Latin America accelerated, with growth rates of 13.8% and 19.5%, respectively, while exports to the US grew by 5.3%[4]