China’s exports and imports registered a fall in August as compared to a year earlier, reflecting tepid global demand that is putting on pressure on the country’s slowing economy.
Customs data released on Thursday shows the exports and imports slumped by 8.8% and 7.3% respectively. In the fourth straight month of decline, the figures registered for exports were $284.87 billion and $216.51 billion for imports.
Overall trade surplus surged to $68.36 billion from $80.6 billion in July.
Post the country’s rebound from the COVID-19 pandemic, the Chinese leaders have rolled out various policy measures in order to shore up the economy.
The central bank has eased borrowing rules and has also reduced mortgage rates for the first-time home buyers. They are also providing a certain tax relief measures for small businesses.
The demand for imports from China reduced in Europe and Asia, which affected the figures of the country’s export. This was due to the nations increasing its interest rates in order to cool down the inflation rate, which was at multi-decade high.