China Import Growth Below Forecasts

China’s imports rose 1.3% yoy to USD 219.4 billion in August 2025, marking the third month of increase but missing market estimates of 3.0%. The pace also slowed from July’s 4.1% rise, the fastest pace in a year, as softer domestic demand and the impact of U.S. tariffs weighed on trade momentum. China and the U.S. on August 11 agreed to extend a tariff truce for another 90 days, locking in place U.S. levies of 30% on Chinese imports and 10% Chinese duties on U.S. goods. While the move eased fears of escalation, high tariffs continued to dampen trade flows and business mood. Economists said imports were also pressured by sluggish industrial activity, weak consumer demand, high youth unemployment, and a struggling property sector. Analysts expect subdued growth ahead without stronger domestic stimulus or progress in U.S.-China talks. Year-to-date, imports fell 2.2% to USD 1.66 trillion, with falls from the U.S. (-11.0%), the EU (-4.8%), Russia (-9.1%), and the ASEAN countries (-0.3%).