New Delhi, Sept. 21 -- Chinese goods exports grew by 4.4% in year-on-year terms in August. This was the slowest rate in six months and the worst performance since the US's Donald Trump administration imposed tariffs on almost all economies. Exports to the US dropped by as much as 33%. It was partly the result of front-loading shipments earlier this year, but also because export orders have been put on hold while both sides await clarity on the evolving tariff situation.

Does this mean that the Chinese export juggernaut has been halted? Well, not really.

In fact, exports from China appear to be remarkably resilient even in the face of trade tensions. China has been preparing for a trade shock since tariffs were first imposed in 2018, dur...