China’s exports fell by 8.8% in August year-on-year, while imports contracted 7.3%, customs data showed on Thursday, increasing pressure on the country’s vast manufacturing sector as demand sags at home and abroad.
A Reuters poll of economists had forecast a fall of 9.2% in exports and a drop of 9.0% in imports. The world’s second-largest economy risks missing Beijing’s annual growth target of about 5% as officials wrestle with a worsening property slump, weak consumer spending and tumbling credit growth, leading analysts to downgrade growth forecasts for the year.
But analysts warn the steps may have little impact with a labor market recovery slowing and house income expectations uncertain. Chinese factory activity shrank for a fifth straight month in August, a purchasing managers’ index showed last week, weighed down by a lack of new export orders and imported parts. However, factory owners indicated producer prices had improved for the first time in seven months, in a nod to improving domestic demand.
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