UBS: China's August exports up 25% year-on-year; technology, autos, and utilities are the main sources of growth.

UBS released a research report stating that it classified approximately 6,000 six-digit Harmonized System (HS) code goods into nine industries and 112 sectors, covering more than 90% of China's total exports in 2024. UBS analyzed China's exports by end market and sector. China's exports in August 2026 grew 25% year-on-year, slightly faster than the 24% year-on-year increase in July. By industry, technology (up 61% year-on-year), autos (up 29%), and utilities (up 21%) continued to be the three largest contributors to export value growth. Exports to the United States accelerated sharply to 35% year-on-year from 17% in July, while export growth to Africa also rose significantly to 31% from 18%. Export growth to ASEAN slowed somewhat but remained strong at 30%, while export growth to Europe slowed to 12%. Technology products remained the main driver of August export growth, rising 61% year-on-year, with semiconductor and panel export values both surging more than 260% year-on-year. These two sectors were the largest contributors to China's year-on-year export increment, together accounting for nearly 45%. Auto export growth slowed further to 29% year-on-year in August from 35% in July, mainly reflecting weaker momentum in auto parts and bus exports. Utility product export growth also slowed to 21% from 27% year-on-year in July. CECEP Solar Energy product exports saw their decline widen to 23% year-on-year, while wind power equipment exports fell 5% year-on-year, compared with 109% year-on-year growth in July. Petroleum and chemical product export growth accelerated to 21% year-on-year. Consumer goods exports continued to recover, with growth reaching 11% year-on-year. Industrial product export growth slowed slightly to 11% year-on-year from 19% in July, with shipbuilding exports falling 1% year-on-year. Growth momentum in basic materials exports strengthened, while healthcare product exports turned to a year-on-year decline, dragged down by pharmaceuticals. The bank said China's export growth to the United States accelerated to 35% year-on-year from 17% in July, mainly driven by technology (up 52% year-on-year), utilities (up 50%), and industrial products (up 46%). In technology products, consumer electronics recorded a strong rebound, while growth in panels and semiconductors slowed. Growth in utility products was mainly driven by optical fiber and CECEP Solar Energy products. Consumer goods export growth also rebounded significantly, rising to 26% year-on-year from 9% in July, supported by discretionary consumer goods. China's export growth to Europe slowed to 12% year-on-year in August from 19% in July, reflecting weaker shipment performance in consumer goods, industrial products, and utility products. Healthcare product exports to the EU turned to a year-on-year decline in August after growing 40% year-on-year in July. Export growth to Africa accelerated, supported by autos (up 48% year-on-year), basic materials (up 37%), and industrial products (up 36%). Shipment performance to ASEAN remained strong, with year-on-year growth of 30% in August, of which technology and utility products grew 82% and 36% year-on-year, respectively.