China’s export growth slowed more than expected in August

The growth of Chinese exports slowed down in August to post 7.1% on an annual basis from a growth of 18% recorded in July, compared to expectations of a growth of 12.8%, at a time when the Corona pandemic is still casting a shadow on Chinese cities and factories located in them, with continued closures of factories and neighbourhoods.

The growth of imports slowed down significantly during August to reach 0.3%, from 2.3% growth in July, against expectations of 1.1%.

As a result of this slowdown, China’s trade balance surplus fell to $79.39 billion in August from a surplus of $101.26 billion in July.

The Chinese trade balance surplus reached record levels in February 2022, when it recorded about $116 billion.