BEIJING (AP) — grew last month but at a slower pace than in recent months, the country’s customs agency said Monday.
Exports reached $321.8 billion in August, a 4.4% increase compared to the same month last year. That was down from a . Meanwhile, imports totaled $219.5 billion, a 1.8% rise.
China’s large trade surplus has become a contentious issue with major trading partners including the U.S. and the . Low-priced Chinese imports are a boon for consumers but can lead to job cuts in manufacturing.
In the first eight months of the year, China’s exported $785.3 billion more in goods and services than it imported from other countries, the monthly customs data showed.
President Donald Trump has imposed 30% in additional tariffs on imports from China since taking office early this year. He backed down from even higher tariffs after China retaliated with import taxes of its own. The two countries are to try to reach a trade agreement.
The tariffs from both sides and the possibility they could be raised again are having an impact on two-way trade. Chinese exports to the U.S. fell 33% in August to $47.3 billion, while its imports from the U.S. dropped 16% to $13.4 billion.
China’s exports of rare earths rose on a monthly basis to $55 million in August, up from $41 million in July, but down 25.6% compared to the same month last year.
Rare earth magnets, which can withstand high heat, are vital to many products including washing machines, cars and military equipment.
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