Exports from the world’s second-largest economy rose 25% year-on-year in US dollar terms, customs data showed on Tuesday, accelerating from 23.9% growth in July and matching market forecasts.

Imports increased 28.2% year-on-year, compared with 27.5% growth in July.

Lynn Song, ING’s Greater China chief economist, said external demand had significantly outpaced domestic consumption, adding that “tariff risks and the durability of the tech investment cycle are the key factors to watch to see how long this strength will persist.”

In the first eight months of the year, high-tech exports rose 42.9% in value terms, with semiconductor export values more than doubling and car exports increasing by more than 50% in both value and volume.

Zhaopeng Xing, ANZ’s senior China strategist, said demand for AI products, electric vehicles, solar cells and lithium-ion batteries helped offset weather-related disruptions.

Xing added that companies continued accelerating shipments to the United States due to tariff uncertainty.

China’s trade surplus rose to $119.09 billion in August from $112.5 billion in July, reaching $805.51 billion in the first eight months of the year.

The trade surplus with the United States increased to $29.18 billion, as Chinese exports to the US climbed 34.4% year-on-year.

Meanwhile, China’s domestic economy continued to face pressure, with industrial output, retail sales and fixed-asset investment slowing, while the property market remained in a prolonged downturn.

Premier Li Qiang called in August for efforts to stabilize external demand while acknowledging weak domestic demand and growing international uncertainties.

The government has expanded fiscal support, including an 800 billion yuan ($119.21 billion) financing tool for infrastructure investment, but stronger exports have reduced immediate pressure for broader stimulus measures.

“The latest trade data do not materially strengthen the case for an imminent interest rate cut,” said Hao Zhou, a Hong Kong-based analyst at Guotai Haitong Securities.

“While further policy support cannot be ruled out, the combination of resilient external demand, steady industrial momentum, and increasingly targeted fiscal measures implies that the timing and necessity of additional monetary easing will require further observation.”