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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
Exports unexpectedly fall, imports remain weak
    2019-09-09  08:53    Shenzhen Daily

THE country’s exports unexpectedly fell in August as shipments to the United States slowed sharply, pointing to further weakness in the world’s second-largest economy and underlining a pressing need for more stimulus amid the Sino-U.S. trade dispute.

August exports fell 1 percent from a year earlier, the biggest fall since June, when it fell 1.3 percent, customs data showed yesterday. Analysts had expected a 2 percent rise in a recent poll after July’s 3.3 percent gain.

That’s despite analyst expectations that a falling yuan would offset some cost pressure and looming tariffs may have prompted some Chinese exporters to bring forward or “front-load” U.S.-bound shipments into August, a trend seen earlier in the trade dispute.

“Exports are still weak even in the face of substantial yuan currency depreciation, indicating that sluggish external demand is the most important factor affecting exports this year,” said Zhang Yi, economist at Zhonghai Shengrong Capital Management.

Among its major trade partners, China’s August exports to the United States fell 16 percent year on year, slowing sharply from a decline of 6.5 percent in July. Imports from America slumped 22.4 percent.

Many analysts expect export growth to slow further in coming months, as evidenced by worsening export orders in both official and private factory surveys. More U.S. tariff measures will take effect Oct. 1 and Dec. 15.

“China-U.S. trade friction has led to a sharp decline in China’s exports to the United States,” said Steven Zhang, chief economist and head of research at Morgan Stanley Huaxin Securities.

Exports to Europe, South Korea, Australia, and Southeast Asia (ASEAN) also worsened on an annual basis, compared with July, while shipments to Japan posted slightly better growth than the previous month.

Yesterday’s data also showed China’s imports shrank for the fourth consecutive month since April. Imports dropped 5.6 percent year on year in August, slightly less than an expected 6 percent fall and unchanged from July’s 5.6 percent decline.

Sluggish domestic demand was likely the main factor in the decline, along with softening global commodity prices. China’s domestic consumption and investment have remained weak despite more than a year of growth boosting measures.

China reported a trade surplus of US$34.84 billion last month, compared with a US$45.06 billion surplus in July. Analysts had forecast a surplus of US$43 billion for August.

China and the United States on Thursday agreed to hold high-level talks in early October in Washington, the first in-person discussions since a failed Sino-U.S. trade meeting at the end of July.

White House economic adviser Larry Kudlow said Friday the United States wants “near term” results from U.S.-China trade talks in September and October but cautioned that the trade conflict could take years to resolve.

China’s trade surplus with the United States stood at US$26.95 billion in August, narrowing from July’s US$27.97 billion.

It reached US$195.45 billion in the first eight months of 2019.(SD-Agencies)

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