China’s exports rose for the third consecutive month in August, eclipsing an extended fall in imports, as more of its trading partners relaxed coronavirus lockdowns in a further boost to the recovery in the world’s second-biggest economy.
Exports in August rose 9.5 per cent from a year earlier, customs data showed on Monday, marking the strongest gain since March 2019. The figure also beat analysts’ expectations for 7.1 per cent growth and compared with a 7.2 per cent increase in July.
Imports however slumped 2.1 per cent, compared with market expectations for a 0.1 per cent increase and extending a 1.4 per cent fall in July.
The strong exports suggest a faster and more balanced recovery for the Chinese economy, which is rebounding from a record first-quarter slump thanks largely to domestic stimulus measures.
“China’s exports continue to defy expectations and to grow significantly faster than global trade, thus gaining global market share,” said Louis Kuijs of Oxford Economics.
“The import data disappointed, pointing to the need for caution as we assess growth of China’s domestic demand.”
A private survey on manufacturing activity last week showed Chinese factories reported the first increase in new export orders this year in August as overseas demand slowly revives. The pick-up in business also led to a further expansion in production, marking the sharpest gain in almost a decade.
China’s export performance, boosted by record shipments of medical supplies and robust demand for electronic products, has not been as severely affected by the global slowdown as some analysts had feared.
But imports unexpectedly slipped further into contraction, suggesting softer domestic demand.
Copper imports in August eased from the previous month’s all-time high, as an arbitrage window to bring in overseas metal shut and demand from key consumption sectors slowed. Coal imports slipped 20.8 per cent from the month before.
China posted a trade surplus of $58.93 billion (Dh216.27bn) last month, compared with the poll’s forecast for a $50.5bn surplus and $62.33bn surplus in July.
The outlook is still far from rosy as external demand could suffer if virus control measures have to be reimposed by trade partners later this year on a resurgence of the epidemic.
China also is looking to reduce its reliance on overseas markets for its development as US hostility and the pandemic increase external risks that could hamper longer-term progress.
Already heightened US-China tensions are expected to escalate ahead of the US presidential election. China remains well behind on its pledge to boost purchases of US goods under an agreement that was launched in February.
China’s trade surplus with the US widened to $34.24bn in August from $32.46bn in July.
Top US and Chinese trade officials reaffirmed their commitment to a Phase-1 trade deal in a phone call last month. “Both sides see progress and are committed to taking the steps necessary to ensure the success of the agreement,” the US Trade Representative’s Office said.
It last week extended tariff exclusions for a wide range of Chinese goods such as smartwatches and some medical masks but only through the end of 2020, a move that may create some leverage for Washington in the bilateral trade negotiations but increasing uncertainty for businesses.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
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- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
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Wales 20-19 France
Wales: T: Wainwright, Moriarty. Cons: Biggar (2) Pens: Biggar 2
France: T: Vahaamahina, Ollivon, Vakatawa Cons: Ntamack (2)
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Match info
Uefa Champions League Group C
Liverpool v Napoli, midnight
What is safeguarding?
“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.
Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Killing of Qassem Suleimani
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The Norwegian Nobel Committee, which awards the prestigious peace prize, held its final meeting on Monday, the Nobel Institute said Thursday, a day ahead of the announcement of the 2025 laureate.
This means a decision was made about the laureate or laureates before the conclusion of an agreement between Israel and Hamas, which included a ceasefire and the release of hostages.
President Donald Trump pushed for the ceasefire as part of a 20-point plan to resolve the Gaza war.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
