China’s exports jump; Ireland in Covid-19 recession; Brexit fears hit pound – business live | Business
Chinese exports grew at the fastest rate so far this year, increasing 9.5% year-on-year, while imports declined for a second month in a row, providing a mixed picture for the Chinese economy. The surprisingly resilient export activity in the past few months benefited from an early normalisation of production in China, the acceleration of medical equipment and electronics goods exports as well as fiscal support measures in other countries. While these effects could persist over the next months, they will likely level off towards the end of the year.
The better than expected export numbers in August were led by a strong increase of exports to the US and Asian peers such as South Korea and Taiwan, while export growth to most European countries softened from last month. By products, exports of automatic data processing, as well as mechanical and electronic goods were the main drivers behind the jump.
The surprisingly resilient export activity in the past few months can be attributed to the early normalisation of production in China while other countries were still in lockdown mode, the acceleration of medical equipment and electronics goods exports as people across the world switched to working from home.