Drop in China’s exports due to trade war
There has been a 16% yoy dip in China’s exports to US to US$ 44.4 billion, due to punitive tariffs imposed by the latter. China’s exporters are also facing pressure from weakening global consumer demand and the diversification of US-based production companies to other areas. Against US$ 31.3 billion in August’18, China’s trade surplus with the U.S. narrowed to US$ 27 billion this August.
At the same time, imports of US goods fell by 22% in August from the previous year to US$ 10.3 billion after Chinese tariff hikes and instructions to companies to cancel orders, customs data showed Sunday.