Due to the double whammy of weak overseas demand and sluggish domestic consumer spending, China saw a decline in both imports and exports in August, adding further strain to the already beleaguered manufacturing sector.
The latest data released by China’s General Administration of Customs on September 7th showed that exports in August dropped by 8.8 percent compared to the same period last year. This is a slight improvement over the median forecast of 9.2 percent from a Reuters survey of economists and better than the 14.5 percent year-on-year decline in July. However, this marks the fourth consecutive month of decline in China's export data.
Meanwhile, the total amount of imports in August decreased by about 7 percent year-on-year, a slower decline than the 9 percent predicted by the Reuters survey. This comes following a 12 percent decline in July.
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