Accessible version China Watch Export growth moderated as frontloading payback has likely started Exhibit 1: Aug export/import growth and trade balance (announced: 8 Sep 2025) Aug exports and imports both softened | Aug in USD terms | Actual | Previous | Consensus | BofAe | | --- | --- | --- | --- | --- | | Exports (% yoy) | 4.4 | 7.2 | 5.5 | 4.5 | | Imports (% yoy) | 1.3 | 4.1 | 3.4 | 1.0 | | Trade balance (USD bn) | 102.3 | 98.2 | 99.5 | 103 | Source: BofA Global Research estimates, China Customs, Bloombe ...