China's exports grow by 8.7% in August, beating expectations

BEIJING — China's exports rose by 8.7% year-on-year in U.S. dollar terms in August, according to the customs agency.

That was higher than the forecast for growth of 6.5% year-on-year in U.S. dollar terms, according to a Reuters poll.

Imports grew by 0.5%. That was less than the expected 2% increase from a year ago in U.S. dollar terms, the poll showed. In July, exports rose by 7% from a year ago, while imports increased by a more-than-expected 7.2%.

"The continued strong run of exports may actually delay near-term policy support, and we continue to expect bolder measures to be released in Q4," Nomura analysts said in a report Tuesday.

China's exports to its major trading partners — the U.S., European Union and Association of Southeast Asian Nations — all rose in August from a year ago. Exports to the EU grew the most, up by 13%, according to CNBC calculations of official data.

China's imports from the U.S. rose by 12% in August from a year ago, while imports from the EU fell, the data analysis showed. Imports from ASEAN rose by 5%.

China's imports from Russia fell by 1%, while exports rose by 10%, the data analysis showed.

China's exports of cars rose by nearly 40% in August to 610,000 vehicles. Exports of ship vessels rose by 40%, while the number of smartphones exported climbed by 6.7%. Suitcase exports rose by nearly 9%.

The value of integrated circuits exported rose by 18%, while imports increased by 11%.

The volume of China's rare earths exports fell by 1% in August from a year ago, while imports declined by 12%.

The country in June announced a new policy to increase its oversight of the domestic rare earths industry out of national security concerns. In August, the Ministry of Commerce surprised some in the critical minerals