China’s exports and imports shrunk more in September than expected by experts. China is struggling with increasing headwind due to global trade tensions and the cooling economy.
Exports fell by 3.2 percent in terms of dollars compared to a year earlier, after a minus of 1 percent in August. Here, economists generally expected a decrease of 2.8 percent. It is the sharpest fall in Chinese exports since February. Among other things, exports to the United States were under pressure due to the trade struggle and import duties.
Imports from the country fell by 8.5 percent last month. Here, an average decrease of 6 percent was expected. In August a contraction of 5.6 percent was seen in Chinese imports. China is facing a weakening domestic economy and as a result the demand for foreign products is coming under pressure.
The disappointing figures underline the difficulties that China, the world’s second economy, is facing as a result of the trade war with the US and the slower global economy. On Friday, Beijing and Washington entered into a partial trade deal in order to achieve a ceasefire in the lingering trade feud between the economic superpowers.
The Chinese government has taken various stimulus measures to support its own economy. In the period April to June, the Chinese economy showed a growth of 6.2 percent, which was the lowest level in almost thirty years. The government is aiming for an annual growth of 6 to 6.5 percent.