APAC Daily Chart Book

September 8, 2025

China

Exports rose 4.4% y/y in August, while imports rose a more modest 1.3% y/y, helping the annual trade surplus to a new record high of USD 1.17 trillion. The growth in exports comes despite a decline in exports to the US of 33.1% y/y, while imports from the US fell 16% y/y. The trade surplus with the US narrowed to USD 321 billion on a 12 month rolling sum basis. The continued growth in overall exports points to trade diversion around Trump’s tariffs. China is increasingly substituting out of imports and meeting former import demand out of domestic production, accounting for relatively subdued growth in imports.

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