China's August Exports Down 8.8% YoY... Single-Digit Decline Slows After 2 Months

China's export value in August failed to escape a negative trend compared to last year.

[Image source - Getty Images Bank]

On the 7th, the General Administration of Customs of China announced that the export value in August decreased by 8.8% compared to the same period last year. This is somewhat improved compared to the double-digit declines recorded in June (-12.4%) and July (-14.5%). It also exceeded market expectations (-9.8%).

During the same period, imports decreased by 7.3% compared to the same period last year. The import growth rate in August also surpassed both the previous month (-12.4%) and the forecast (-9.0%). The trade balance in August was $68.36 billion (approximately 91.13 trillion KRW), falling short of the previous month's figure ($80.6 billion) and the forecast ($78 billion).