In the first eight months of the year, China’s exported $785.3 billion more in goods than it imported from other countries, the monthly customs data showed.
The tariffs from both sides and the possibility they could be raised again are having an impact on two-way trade. Chinese exports to the U.S. plunged 33% in August to $47.3 billion, while its imports from the U.S. dropped 16% to $13.4 billion.
Exports to the EU rose 10.4% to $46.8 billion, while imports from the 27-member bloc edged down slightly to $22.8 billion.
Rare earth magnets, which can withstand high heat, are vital to many products including washing machines, cars and fighter jets.
China dominates the global market for processing rare earths, and a clampdown on their export in April temporarily halted production at some factories in Europe and the U.S. and raised fears of shutdowns at others.
The issue became a focal point of a round of U.S.-China trade talks in London in June. China agreed to approve more export permits for rare earths in return for the U.S. lifting curbs on the sale of chip design software and jet engines to China.
