China’s exports drop by 8.8% in August as trade slump persists

Cargo ships dock at the Longtan Container Terminal of Nanjing Port to load and unload containers in Nanjing, Jiangsu province, China, Sept 6, 2023.

Nurphoto | Nurphoto | Getty Images

BEIJING — China reported Thursday another monthly decline in imports and exports, albeit less steep than expected.

Exports in U.S. dollar terms fell by 8.8% in August from a year ago. That’s better than the 9.2% drop forecast by a Reuters poll.

Imports in U.S. dollar terms fell by 7.3% in August from a year ago, better than the 9% decline forecast by Reuters.

Imports have now fallen every month in 2023 so far from the year-ago period. Exports have fallen year-on-year for every month since April as global demand for Chinese goods wanes.

China’s economic rebound from the pandemic has slowed in the last few months, dragged down by a property market slump and lackluster consumer spending.

This is breaking news. Please check back for updates.

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