ABC News: <\/p>\n\n\n\n
HONG KONG — China’s exports and imports both fell in August from a year earlier, reflecting tepid global demand that is adding to pressures on its slowing economy.<\/p>\n\n\n\n
Customs data released Thursday showed exports for August slumped 8.8% to $284.87 billion in the fourth straight month of decline. Imports slid 7.3% to $216.51 billion.<\/p>\n\n\n\n
The total trade surplus fell to $68.36 billion from $80.6 billion in July.<\/p>\n\n\n\n
Chinese leaders have in rolled out various policy measures to shore up the economy after the country’s rebound from the COVID-19 pandemic fizzled earlier than expected.<\/p>\n\n\n\n
The central bank has eased borrowing rules and and cut mortgage rates for first-time home buyers while providing some tax relief measures for small businesses.<\/p>\n\n\n\n
So far, the authorities have avoided large-scale stimulus spending or broader tax cuts.<\/p>\n\n\n\n
Demand for Chinese exports weakened after the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs.<\/p>\n\n\n\n
Economists say much of the impact of those rate increases has yet to filter through major Western economies, where consumer spending has remained relatively strong.<\/p>\n\n\n\n
\u201cLooking ahead, we expect exports to decline over the coming months before bottoming out toward the end of the year,\u201d Julian Evans-Pritchard of Capital Economics said in a report.<\/p>\n\n\n\n
\u201cMost measures of export orders point to a more substantial pullback in foreign demand than has so far been reflected in the customs data,\u201d he said.<\/p>\n\n\n\n
China’s trade has been gradually declining for the past two years, though August’s drops in export and imports were less severe than in July, when exports fell 14.5% from a year earlier while imports were 12.4% lower.<\/p>\n\n\n\n
Politically sensitive exports to the U.S. fell 17.4% from a year earlier to $45 billion, the customs data showed, while imports of U.S. goods slid 4.9% to nearly $12 billion.<\/p>\n\n\n\n
China\u2019s imports from Russia, mostly oil and gas, increased 13.3% from a year earlier to $11.52 billion.<\/p>\n\n\n\n