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πŸ‡¨πŸ‡³ China's chip exports are surging on price, not volume, and factory-gate deflation is finally breaking

πŸ‡¨πŸ‡³ China's chip exports are surging on price, not volume, and factory-gate deflation is finally breaking

China's chip exports rose 103.9% in value but only 4.1% in volume in August, as factory-gate deflation eased for a second straight month. Producer prices rose 3.8% year on year and the trade surplus widened to $119.09bn.

Line chart of China export volume y/y monthly change (yellow) and trailing 12-month average (red) from Jan 2010 to May 2026.
Brad Setser estimates August Chinese export volumes rose about 12% if prices held at July levels, a pace he says is still roughly twice global trade growth. Source

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