China’s export growth sinks in August, imports shrink

Sep 6, 2022, 10:22 AM | Updated: 11:48 pm
Exhibitors attend visitors at their booth promoting winter sports equipment at the China Internatio...

Exhibitors attend visitors at their booth promoting winter sports equipment at the China International Fair for Trade in Services (CIFTIS) in Beijing on Sept. 1, 2022. China's export growth weakened in August and imports shrank as high energy prices, inflation and anti-virus restrictions weighed on global and Chinese consumer demand. (AP Photo/Andy Wong)

(AP Photo/Andy Wong)

BEIJING (AP) — China’s trade weakened in August as high energy prices, inflation and anti-virus measures weighed on global and Chinese consumer demand, while imports of Russian oil and gas surged.

Exports rose 7% over a year ago to $314.9 billion, decelerating from July’s 18% expansion, customs data showed Wednesday. Imports contracted by 0.2% to $235.5 billion, compared with the previous month’s already weak 2.3% growth.

Demand for Chinese exports has softened as Western economies cool and the Federal Reserve and central banks in Europe and Asia raise interest rates to contain surging inflation. At home, repeated closures of Chinese cities to fight virus outbreaks has weighed on consumers’ willingness to spend.

“The slowdown in China’s export sector is adding to headwinds for the Chinese economy,” said Rajiv Biswas of S&P Global Market Intelligence in a report. Lack of import growth highlights “continued weakness of Chinese domestic demand.”

Growth in the world’s second-largest economy fell to 2.5% in the first half of 2022, less than half the ruling Communist Party’s 5.5% annual target, after Shanghai and other industrial centers were shut down to fight virus outbreaks.

Factories have reopened, but restrictions more recently in areas including the southern business center of Shenzhen weighed on activity. So has a dry summer that left reservoirs in the southwest unable to generate hydropower and disrupted river shipping.

The International Monetary Fund and private sector forecasters have trimmed their already low growth forecasts.

China’s global trade surplus widened by 36.1% over a year earlier to $79.4 billion.

Exports to the United States sank 3.8% from a year ago to $49.8 billion while imports of American goods declined 7.3% to $13 billion. The politically sensitive trade surplus with the United States that helped to spark a tariff war narrowed by 2.4% to $36.7 billion.

President Joe Biden has left in place tariff hikes imposed by his predecessor, Donald Trump, in a fight over Beijing’s technology development tactics. Beijing retaliated by raising its own import duties and told Chinese companies to stop buying American exports.

Envoys from the two sides talk by phone but have yet to announce a date to resume negotiations.

Imports from Russia, mostly oil and gas, surged 59.3% to $11.2 billion as China appeared to take advantage of discounts offered by the Kremlin to attract buyers in the face of Western sanctions over its war on Ukraine.

China’s purchases of Russian energy irritate Washington and its allies but don’t violate sanctions on Moscow. Last year, China bought 20% of Russian crude exports, according to the International Energy Agency.

Beijing declared ahead of the February invasion that it had a “no limits” friendship with Moscow. It criticizes the sanctions but has avoided helping President Vladimir Putin for fear of losing access to Western markets and the global banking system.

Exports to Russia rose 26.5% to $8 billion.

Exports to the 27-nation European Union tumbled 18.4% to $51.3 billion, reflecting weak European demand.

Imports of European goods plunged 33.1% to $26 billion. China’s trade surplus with Europe widened by 5.4% to $25.3 billion.

___

General Administration of Customs of China (in Chinese): www.customs.gov.cn

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

FILE - In this file photo released by the U.S. Navy, a Saildrone Explorer unmanned sea drone sails ...
Associated Press

US, UK hold drone drill in Persian Gulf after Iran seizures

DUBAI, United Arab Emirates (AP) — The U.S. Navy held a joint drone drill with the United Kingdom on Friday in the Persian Gulf, testing the same unmanned surveillance ships that Iran twice has seized in recent months in the Middle East. The exercise comes as the U.S. Navy separately told commercial shippers in the […]
1 day ago
A man wearing a blanket cast his vote at a poling station in Maseru, South Africa, Friday, Oct. 7, ...
Associated Press

Thousands vote in southern Africa’s small kingdom Lesotho

MASERU, Lesotho (AP) — Thousands of voters in Lesotho are casting their ballots in the country’s general elections. The elections are a tight race between the top three parties out of a field of more than 60 registered political parties. Outgoing Deputy Prime Minister Mathibeli Mokhothu of the Democratic Congress party is running against his […]
1 day ago
A Russian rocket sticks out of the ground in a forest near Oleksandrivka village, Ukraine, Thursday...
Associated Press

Missiles, drones hit Zaporizhzhia again as death toll rises

KYIV, Ukraine (AP) — The death toll from a Russian missile attack on apartment blocks in the southern Ukrainian city of Zaporizhzhia rose to 11 on Friday as the city was hit again by missiles and — for the first time — by explosive packed drones. With its army suffering a series of stinging battlefield […]
1 day ago
Associated Press

Japan regulator orders brokerage to halt block trading

TOKYO (AP) — Japan’s Financial Services Agency ordered brokerage SMBC Nikko Securities to suspend its block trading operations for three months from Friday as part of penalties in a market manipulation case. That follows the arrest of its vice president, Toshihiro Sato, and several other employees on suspicion they put in massive buy orders to […]
1 day ago
Associated Press

Danes puzzled by minor tremors in international waters

COPENHAGEN, Denmark (AP) — Officials in Denmark are puzzled by four small tremors that were recorded this week off a northeastern Danish island in the Kattegat sea. The Geological Survey of Denmark and Greenland (GEUS) said it had detected the tremors on Tuesday and Wednesday, adding that each time there were two tremors approximately 30 […]
1 day ago
Associated Press

2 migrants struck and killed by train in eastern Serbia

BELGRADE, Serbia (AP) — Two migrants have been killed by a train in eastern Serbia, near the border with Bulgaria, police said on Friday. The accident happened around 8 p.m. Thursday on the railway connecting the towns of Pirot and Dimitrovgrad, a spokesman told The Associated Press. Police said they are working to determine the […]
1 day ago

Sponsored Articles

Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Swedish Cyberknife 900x506...

June is Men’s Health Month: Here’s Why It’s Important To Speak About Your Health

According to the Centers for Disease Control and Prevention, men in the United States, on average, die five years earlier than women.
...

Anacortes – A Must Visit Summertime Destination

While Anacortes is certainly on the way to the San Juan Islands (SJI), it is not just a destination to get to the ferry… Anacortes is a destination in and of itself!
...

Ready for your 2022 Alaskan Adventure with Celebrity Cruises?

Celebrity Cruises SPONSORED — A round-trip Alaska cruise from Seattle is an amazing treat for you and a loved one. Not only are you able to see and explore some of the most incredible and visually appealing natural sights on the planet, but you’re also able to relax and re-energize while aboard a luxury cruise […]
China’s export growth sinks in August, imports shrink