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China’s exports increased 9% y-o-y to USD 309 bn in August, hitting their highest value in almost two years and rising above market forecasts, Bloomberg reports. Imports also rose, though marginally, up 0.5% y-o-y in August. China’s trade surplus for the month hit USD 91 bn. However, China's weak domestic demand and high export competitiveness is weighing down its economy. “The question is how long exports can stay strong given the weakening US economy and the rising trade tension,” Pinpoint Asset Management chief economist Zhiwei Zhang was quoted as saying by the news outlet.
Taiwan’s US exports have overtaken China’s: Taiwan’s exports to the US rose to USD 11.89 bn in August, topping the record for any month’s shipments to China as the US’ AI boom boosts Taiwanese exports, particularly for tech-related shipments, Bloomberg reports. The monthly record comes on the back of US efforts to rewire Asian trade. Japan’s US exports beat shipments to China for 22 months — the longest period since 2017.
Several US firms have halted offshore oil and gas productions as Tropical Storm Francine intensifies, Reuters reports. Exxon cut production at its Hoover production hub, while Chevron pulled out its workers from four offshore facilities and halted oil and gas output at two facilities. Shell cut production at one platform, paused drilling operations at two, and transferred workers from three facilities. The port of Brownsville in Texas was closed and others from Corpus Christi north to Galveston enforced restrictions.
OTHER STORIES WORTH KNOWING THIS MORNING-
- Drone sighting halts air traffic at major Swedish airport for a second time: Sweden temporarily halted air traffic at Stockholm’s Arlanda airport overnight between 02.00 and 03.40 CET on Monday, after four drones of varying sizes were sighted by air traffic control. Air traffic was halted a second time at around 22.00 CET after a drone was spotted over a runway. A police investigation has been launched into the incidents. (Al Arabiya)
