China’s exports and imports fall in August as weak global demand keeps its economy under pressure
HONG KONG (AP) — Chinese exports and imports both fell in August, reflecting tepid global demand that is adding to pressures on its slowing economy. Customs data released Thursday showed exports for August slumped 8.8% from a year earlier, while imports slid 7.3%. The total trade surplus for the world’s No. 2 economy shrank to $68.4 billion from $80.6 billion in July. China’s trade has been slowing for two years, sapped by a weakening global economy and by a lackluster recovery from the COVID-19 pandemic. But the declines in August were less severe than in July. China’s exports to the U.S. fell 17% in August from a year earlier, while exports to Southeast Asia dropped 13%.