(Yicai Global) Sept. 7 -- China’s trade surplus topped expectations last month, gaining by the most in nearly one and a half years, as exports from the world’s biggest manufacturing country increased at a faster-than-expected pace.

The country’s dollar-denominated trade surplus rose 9.5 percent to USD58.7 billion in August from a year earlier, the General Administration of Customs said today. Twenty-four chief economists at major Chinese financial institutions polled by Yicai Global had expected an average of USD47.56 billion. The trade surplus was USD62.33 billion in July.

August was the third straight month of gains and saw the steepest increase since March 2019 as the domestic economy and overseas markets recovered from lockdowns intended to hinder the spread of the coronavirus pandemic.

China’s total trade rose 4.2 percent to about USD411.6 billion for the month, including exports of USD235.3 billion, up 9.5 percent, and imports of USD176.3 billion, down 2.1 percent.

The economists surveyed by Yicai Global had forecast a 5.64 percent gain in export volume and a 0.06 percent gain in imports. In July, exports rose 7.2 percent, while imports fell 1.4 percent.

For the first eight months of this year, total trade was USD2.85 trillion, down 3.6 percent. Exports were at USD1.57 trillion, down 2.3 percent, while imports stood at USD1.28 trillion, down 5.2 percent. The overall trade surplus was USD289.1 billion.

Editor: Ben Armour