As The Global Trade Downturn Continues, China’s Exports Decline By 8.8% In August

China's Exports Decline By 8.8% In August | Mr. Business Magazine

Despite being less severe than anticipated, China’s exports announced another monthly decrease in imports and exports on Thursday.

In August compared to a year prior, exports decreased by 8.8% in U.S. dollars. That is superior to the 9.2% decline predicted by a Reuters poll.

Better than the 9% reduction predicted by Reuters, imports in U.S. dollars decreased by 7.3% in August compared to the same month last year.

From the previous month in 2023, imports have now decreased every month. Since April, exports have decreased annually as a result of a decline in the market for Chinese products worldwide.

According to CNBC calculations using official statistics obtained through Wind Information, China’s exports to the United States decreased by 9.5% in dollar terms in August compared to the same month last year, which was better than a loss of more than 20% in each of the two previous months.

The report indicated that China’s imports from the US decreased by 7.9% in August compared to a year earlier, which was an improvement from a double-digit loss in July.

China’s top trading partner in terms of only one nation is the U.S. China’s top regional trading partner is the Association of Southeast Asian Nations.

According to the data, China’s exports to Southeast Asia decreased by 13.3% in August over the same month last year, while imports decreased by 6.1%. Both numbers showed an increase from July.

“In general, the figures still suggest the headwinds remain despite some marginal improvement,” wrote Hao Zhou, chief economist at Guotai Junan International, in a note.

According to him, the future of China’s trade growth would depend on a number of variables, including property prices, the price of oil, and the strength of the Chinese yuan against the dollar.

The greatest crude oil importer in the world is China.

According to customs data, the amount of the country’s imports of the good increased by 14.7% over the previous year’s first eight months, which was a quicker rate than the 12.4% rate as of July.

In recent months, a decline in the real estate market and weak consumer spending have hampered China’s economic recovery from the pandemic.

China’s Exports of automobiles were still a bright feature, but growth slowed in August.

According to customs data, China’s Exports sector increased 69% over the first eight months of the year compared to the same time in 2022. This is a decrease from the 74.1% gain seen in the year’s first seven months.

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