China Trade Stumbles Amid Waning Domestic & Overseas Demand
Beijing’s growth significantly missed forecasts in August amid high inflation figures and Covid restrictions, with exports rising just 7.1% - well short of analysts 12.8% expectations, and marking the first slowdown since April after July’s 18% boost.
Although the Chinese yuan lost 0.36% to the USD on the news to hit 6.98 to the dollar, it wasn’t all bad news; auto exports leapt 47% from a year earlier, with 1.9 million cars shipped out in the first eight months of 2022.
Brutal heatwaves have hit imports though, with a mere 0.3% rise to show overall with cruse oil, iron ore and soybeans all falling to leave a trade surplus of $79.39 billion, down from $101.26 billion in July.
