China Exports Growth Softens More Than Forecast
(RTTNews) - China's exports growth moderated more than expected in August as frontloading gains from the U.S. started to fade but demand from Europe and Asean countries picked up strongly.
Exports grew 4.4 percent year-on-year in August, which was slower than the 7.2 percent rise in July, the customs office reported Monday. This was also weaker than forecast of 5.0 percent.
Likewise, imports advanced 1.3 percent on a yearly basis, slower than the 4.1 percent rise in July. Imports were expected to climb 3.0 percent.
The trade surplus rose to $102.3 billion from $98.24 billion in July. The expected level was $99.4 billion.
Exports to the U.S. continued to decline in August, while shipments to Europe and Asean countries showed increases. Shipments to the U.S. were down 33.1 percent from a year ago. Meanwhile, imports from the U.S. decreased about 16 percent.
In August, China and the U.S. extended their trade truce for another 90 days, until November 10. Currently, the U.S. levies 30 percent tariff on Chinese imports and China retained a 10 percent tariff on US goods. The extension has given more time for further negotiations. Earlier this year, U.S. President Donald Trump had threatened to impose 145 percent tariffs on China and the latter has retaliated with 125 percent levies on US goods.
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