China’s exports fell by 1.0 percent on-year in August, official data showed Sunday, amid a bruising trade war with the US that has roiled markets in the world’s top two economies.
The drop comes after a surprise 3.3 percent rebound in July despite the yearlong battle with Washington and weakening global demand.
But economists cited by Bloomberg had forecast a 2.2 percent rise ahead of the release of Sunday’s figures by the customs administration.
China’s trade surplus also dropped sharply in August to $34.83 billion, from $44.58 billion the previous month, while imports continued a four-month decline at 5.6 percent on-year, matching the July figure.
Washington imposed new tariffs on September 1 as it stepped up its high-pressure campaign to coerce Beijing into a new trade deal.
Buddies, associates? One happy family?
A traditional dish called zongzi is served during China’s Dragon Boat Festival, which falls in June. It is a rice…
Divina credited the firm’s achievements to its members, thanking them for their ‘hard work, dedication, teamwork, and…
‘Sec. Vince Dizon, please explain how this finding of your own team should not be flagged as a ghost project in Taguig.’
The additional levies come on top of the 25 percent tariffs on $250 billion in imports already in place.
China said Thursday that new talks with the US would be held in Washington in early October.
In a sign of continued pressure on the Chinese economy, Beijing’s central bank announced Friday it would cut deposit reserve requirements for banks.
The measure would allow an estimated $126 billion in additional loans to businesses facing an economic slowdown.
China’s GDP growth was 6.2 percent on-year in the second quarter, the lowest rate in nearly three decades.
