The China exports and imports they contracted again in August, but at a lower rate than the previous month and better than expected by analysts, according to official data published on Thursday.
Exports from the world’s second largest economy fell 8.8% year-on-year against 14.5% in July, the customs authority said.
Imports also fell by 7.3% from 12.4% the previous month, amid consumers’ reluctance to buy despite prices falling in July for the first time in more than two years.
I knowcOnomists questioned by Bloomberg News had predicted an average drop of 9% in both indicators.
While exports to Western countries fell significantly in August from a year earlier, those to Russia remained strong, demonstrating strong economic ties despite the war in Ukraine.
Except for a brief rebound in March and April, exports from China, once the country’s main engine of growth, have been in steady decline since October due to falling demand and a global economic slowdown.
In July they stood at the lowest level since 2020, when global economic activity had been paralyzed by the covid-19 pandemic.
On the other hand, the onshore yuan (CNY), a currency that circulates within China, touched 7.3279 per dollar on Thursday, its lowest value since December 2007.
The value of the offshore yuan (CNH), which circulates outside mainland China and is traded more freely, fell to 7.3350 per dollar.
Source: AFP
Source: Gestion
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
