The Beijing locomotive is in Washington. In August, Chinese exports grew by 7,2% over the previous year, up sharply from 5,1% in July and a contraction of 3,1% in June. All thanks to the progressive strengthening of demand in the United States and other important markets.
Shipments to the States grew by 6,1% in one year, 8 tenths of a point more than in July. Sales to 10 Association of Southeast Asian Nations countries including Indonesia, Malaysia, Thailand and Singapore jumped 30,8%.
“Demand from abroad is higher than expected – said Ma Xiaoping, HSBC economist specializing in China – In the coming months we will see a further strong boost to exports. The data coming from America – employment and retail sales – are improving”.
Beijing's local economy, with its infrastructure sector booming, investment in real estate and a buoyant auto market, had sustained a sizeable appetite for imported raw materials. Iron ore purchases are down from July's record but still up 10,5% on the year. Copper and crude oil follow a similar trend.
