China’s exports growth in August weakened, because of the decreasing overseas demand as a result of increasing inflation, recently imposed Covid restrictions and disrupted production by heatwaves negatively affected the exports, also the high growth rates and record trade surplus in July slowed the growth in August. Exports increased 7.1% in August from a year earlier, which is lower than the 12.1% expectation and 18% increase in July. Outbound shipments outperformed other economic drivers in 2022 but now face growing challenges as external demand wanes. Imports were again tepid, rising only 0.3% in August from 2.3% in the month prior, the customs data showed, and well below a forecast for a 1.1% rise. The weak domestic demand, dampened by the worst heatwaves in decades, a property crisis and sluggish consumption, crippled imports. This left a narrower trade surplus of $79.39 billion, compared with a $101.26 billion surplus in July, which was a record for single-month goods trade balance for any country in history.
Post by: Republic of Türkiye Ministry of Trade