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Financial News: China's Exports Fall Unexpectedly In August

China's Exports Fall Unexpectedly In August

09/08/2019 - 23:42:00 (RTTNews)

(RTTNews) - China's exports decreased unexpectedly in August amid escalating trade dispute with the US administration, official data showed over the weekend.

In dollar terms, exports decreased 1 percent on a yearly basis in August, confounding expectations for an increase of 2.1 percent and July's 3.3 percent expansion, figures from the General Administration of Customs revealed.

At the same time, imports declined 5.6 percent but slower than the expected fall of 6.3 percent.

As a result, the trade balance showed a surplus of $34.8 billion in August versus a $42.8 billion surplus forecast by economists.

Exports to the US plunged 16 percent and imports from the US declined 22.4 percent.

The US administration had unveiled 15 percent tariffs on a range of goods from China, which took effect on September 1. Beijing imposed retaliatory levies. China and the US are set to hold talks early next month in Washington. Last week, China's central bank had reduced further the amount of cash that banks should set aside as reserves to spur liquidity in the economy hit hard by trade wars.

Economists expect more accommodative monetary policy stance from the central bank as the economy faces headwinds from the external demand and cooling property market.

The economy had expanded at the slowest pace in 27 years in the second quarter. GDP grew only 6.2 percent.

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