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Financial News: China Exports Growth Eases Sharply In August

China Exports Growth Eases Sharply In August

09/07/2022 - 08:03:00 (RTTNews)

(RTTNews) - China's exports growth eased sharply in August reflecting weak global demand amid power shortages and heat waves dampening production, figures published by the General Administration of Customs revealed on Wednesday.

Exports increased by less-than-expected 7.1 percent on a yearly basis in August. Economists had forecast the annual growth in shipments to ease to 12.8 percent from 18.0 percent in July.

At the same time, imports logged a marginal growth of 0.3 percent, which was also slower than the 2.3 percent increase in July and economists' forecast of 1.1 percent. As a result, the trade surplus narrowed to $79.39 billion from $101.26 billion in July. The expected level was $92.7 billion.

Exports will soften further on the back of cooling global demand for consumer goods, Sheana Yue, an economist at Capital Economics, said.

Meanwhile, imports are set to remain depressed due to weak domestic demand amid the ongoing property sector woes and renewed virus disruptions, the economist noted.

Early this week, the People's Bank of China stepped in to address the weakening trend of the yuan. The central bank on Monday lowered the reserve ratio of foreign currency deposits that financial institutions mush set aside.

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