Exports fell 8.8 per cent in August year on year, while imports contracted 7.3 per cent. Read more at straitstimes.com.
BEIJING - China’s exports fell 8.8 per cent in August year on year, while imports contracted 7.3 per cent, customs data showed on Thursday, increasing pressure on the country’s vast manufacturing sector as demand sags at home and abroad.
The world’s second-largest economy risks missing Beijing’s annual growth target of about 5 per cent as officials wrestle with a worsening property slump, weak consumer spending and tumbling credit growth, leading analysts to downgrade growth forecasts for 2023. But analysts warn the steps may have little impact with a labour market recovery slowing and house income expectations uncertain.
However, factory owners indicated producer prices had improved for the first time in seven months, in a nod to improving domestic demand.
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