China's export growth slows to 4.4% in August
China's export growth slowed to just 4.4% in August—the weakest in six months—falling short of expectations as global demand stayed soft and trade tensions lingered.
Imports barely grew, but China still posted a hefty $102 billion trade surplus for the month.
Exports to US drop a huge 33%
Exports to the US dropped a huge 33% in August thanks to ongoing tariffs, marking five straight months of sharp declines.
To make up for it, China boosted exports to Southeast Asia (up nearly 23%), the EU (up 10%), and Africa (up 26%).
This pivot has helped cushion some of the blow from lost American business.
Trade surplus warning signs
China is on track for another record-breaking trade surplus this year—even bigger than last year's nearly $1 trillion.
But there are warning signs: industrial profits fell almost 2% by July due to tough price competition, and new export orders are at multi-month lows.