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China’s trade continue to drop in August
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CHINA'S trade continued to plummet in August, indicating more uncertainties in the world's second-largest economy after signs of weakness in the previous two months, according to the General Administration of Customs today.
Exports dropped 6.1 percent from a year earlier to 1.2 trillion yuan (US$188.9 billion) last month, compared with the contraction of 8.9 percent in July even though China surprisingly depreciated the yuan in the middle of August.
Imports lost 14.3 percent to 836.1 billion yuan, down further from the decrease of 8.6 percent one month ago and reflecting depressed commodity prices and weak domestic demand.
As imports still underperformed, trade surplus widened to 368 billion yuan, up 20.1 percent year on year.
"China's trade data disappointed again," said Liu Ligang, chief economist for China at Australia & New Zealand Banking Group Ltd. "It indicated the particularly weak domestic demand and the difficulties ahead for China to sustain its growth momentum."
Talking about the trade outlook, Liu said the recent depreciation of the yuan will unlikely have a significant impact on China's export competitiveness in the near term.
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