Where Data Tells the Story
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Chinese exports to the U.S. dropped 33 percent year-over-year in August, the country's customs administration said Monday. The decrease is the steepest in years together with a 34-percent drop in May after the effects of the Trump administration's tariffs first showed their major impact on the trade between the two countries. At the same time, China has been selling more to the European Union and ASEAN countries, which include Indonesia, Malaysia, Thailand and Vietnam, as overall Chinese exports rose 4.4 percent year-over-year.
While the export trade from China to the U.S had some seasonal ups and downs throughout the year, this balance has now been thrown into disarray. The front-loading of Chinese imports into the U.S. in March and the crash of trade following April's introduction of tariffs is clearly visible. There was some recovery in June as the pause on additional tariffs higher than 30 percent on Chinese imports to the U.S. persists, but July and August showed more of a downwards trend once again.
Despite the struggle, the U.S. remains China's biggest export market. The nation's exporters have meanwhile pushed to grow in other markets, from the EU, to other places in Asia to Africa. China's slow domestic demand - an issue for years now - is further pushing Chinese manufacturers into overseas markets.