China’s export growth slowed significantly in August as economic uncertainty aggravated by a tight nationwide COVID-19 lockdown, customs officials said on Wednesday.
China’s exports rose 7.1% year-on-year last month, up from 18% in July, while imports rose only 0.3% from July’s 2.3% increase, the China General Customs Administration said.
Analysts participating in the Bloomberg survey predict an increase of 13 percent in exports and 1.1 percent in imports.
The slowdown in trade comes as global demand for Chinese goods weakens due to rising energy prices and the US faces the threat of a recession.
Occasional Covid-19 lockdowns across China have also dampened consumer enthusiasm and business confidence, while high temperatures across much of the country this summer have led to electricity distribution for factories.
Factory activity in China fell for a second month in a row, but the southwestern metropolis of Chengdu quarantined 21 million people last week, as authorities showed little signs of easing strict restrictions linked to the pandemic.
Source: Breitbart
