China exports YOY

China’s August exports showed 5.5% growth year over year, a bit lower than previous months. We don’t have the regional breakdown yet; only the US data are available, and they show a decline from a May 2017 peak to an August growth rate of 8.4% YOY.

It appears that a modest slowdown in US consumer demand may be the driver for the moderation in China’s export growth rate. That’s nothing to get alarmed about, but it’s consistent with other indications that the US consumer is a bit overstretched.