China's export growth moderated to 4.4% in August from 7.2% previously, while the Bloomberg consensus had expected a 5.5% increase. Although the 4.4% growth marks the slowest year-over-year growth since the January–February period, our estimate suggests that the seasonally adjusted shipment level remained largely unchanged compared to the prior month and stayed about 1% below the recent peak recorded in June. In other words, there has still been no substantial fall in China's overall export level, even thou ...