China's exports and imports dip in August amid weak consumer spending

Posted on September 11, 2023   |  

China's August exports saw an 8.8% YoY decline, marking the fourth consecutive month of decrease.

Export performance exceeded expectations, surpassing the anticipated 9.2% fall.

Imports contracted by 7.3% in August, which was slower than the expected 9.0% decline and an improvement from the previous month's 12.4% fall.

China's total trade surplus decreased to $68.36 billion in August, down from $80.6 billion in July.

Year-on-year export contractions to the US, Australia, and ASEAN nations narrowed compared to the previous month.

The Chinese economy faces challenges, including a property recession, weak consumer spending, and low credit growth, raising concerns about meeting annual growth targets.

South Korean shipments to China decreased by only 20% in August, indicating signs of improvement compared to the previous month's 27.5% drop.

Trade declines with the United States, Southeast Asia, and Australia also displayed narrowing trends.