China's Export Development Sinks in August, Imports Shrink due to Inflation

  • 08-Sep-2022
  • China's Export Development Sinks in August, Imports Shrink due to Inflation

China's global trade surplus broadened by 36.1% over the year before to USD 79.4 billion. China's trade weakened in August as high energy prices, inflation, and anti-virus actions weighed on global and Chinese buyer demand, while imports of Russian oil and gas surged.

Exports increased 7% over a year ago to USD 314.9 billion, decelerating from July's 18% expansion, customs data showed Wednesday. Imports contracted by 0.2% to USD 235.5 billion, compared with the previous month's already weak 2.3% growth.

Demand for Chinese exports has eased as Western economies cool and the Federal Reserve and central banks in Europe and Asia raise interest rates to contain surging inflation.

The slowdown in China's Export Import sector is adding to headwinds for the Chinese economy, expressed Rajiv Biswas of S&P Global Market Intelligence in a report. The lack of import expansion highlights the continued weakness of Chinese domestic demand.

Further, growth in the world's second-largest economy dropped to 2.5% in the first half of 2022, less than half the ruling Communist Party's 5.5% annual target, after Shanghai and other industrial centers were shut down to battle virus outbreaks. China's global trade surplus enlarged by 36.1% over a year earlier to USD 79.4 billion.

Exports to the United States sank 3.8% from a year ago to USD 49.8 billion while imports of American goods dropped 7.3% to USD 13 billion. The politically sensitive trade surplus with the United States that supported to spark off a tariff war narrowed by 2.4% to USD 36.7 billion.

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