China's imports, exports tumble again in August
11 Sep 2009
China, the world's third-largest economy, saw it exports and imports tumble again in August, although their downward rate slowed, China's General Administration of Customs said today.
The country's exports declined by 20.6 per cent in August compared to the same month last year but saw a 2.3 per cent rise since July. In July, exports had fallen by 23.0 per cent.
Its August's exports were $103.7 billion compared to $134.9 billion in the same month a year.
Imports fell 17 per cent to $88 billion but saw an increase of 3.4 per cent from July. In July, imports had declined by 14.9 per cent. The decline in imports in August was the biggest since June.
The overall trade surplus declined by 45 per cent from a year earlier to $15.7 billion.
As exports declined 10 straight months in a row, analyst believe that China's exports will not recover until the economy of its trading partners in Europe and the US recovers. China exported goods worth $521.7 billion in the first half of 2009.