Energy News
TRADE WARS
Chinese exports top forecasts but imports slow sharply
Chinese exports top forecasts but imports slow sharply
by AFP Staff Writers
Beijing (AFP) Sept 10, 2024

China's exports jumped in August but imports fell well short of expectations, data showed Tuesday, as the country's leaders struggle to boost consumption in the world's second-largest economy.

Overseas shipments expanded 8.7 percent on-year last month, according to China's General Administration of Customs, picking up speed from 7.0 growth in July.

The reading was also much better than the 6.6 percent forecast in a Bloomberg survey of analysts.

The figures will provide a little encouragement to leaders, who have this year sought to counteract an array of headwinds that have dragged on growth, which has led to sluggish spending, with consumers reluctant to make large purchases.

However, imports in August grew just 0.5 percent, a massive drop from the 7.2 percent enjoyed the month before and much lower than the 2.5 percent estimated in the Bloomberg survey.

The data comes a day after news that consumer inflation picked up last month to a six-month high but still came up short of expectations, leaving many worried the economy could slip back into deflation.

"China's economy continues to show diverging trends with weak domestic demand and strong export competitiveness, both reflecting the domestic deflationary pressure," Zhang Zhiwei, President and Chief Economist at Pinpoint Asset Management, said in a note.

"The question is how long exports can stay strong given the weakening US economy and the rising trade tension," Zhang added.

China has charted an uneven economic trajectory since the abrupt cancelling of strict counter-pandemic measures in late 2022.

Its rapid economic development in recent decades has been propelled in part by booming exports, supported by a colossal factory sector.

However, a closely watched report last week showed manufacturing activity shrunk last month at its fastest pace since February.

Leaders in Beijing are targeting five percent expansion in 2024 but that is considered ambitious by many economists.

Second-quarter growth stood at 4.7 percent, missing expectations.

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Spain's Sanchez urges negotiated solution to China-EU trade tensions
Shanghai (AFP) Sept 10, 2024
Spanish Prime Minister Pedro Sanchez called for "a negotiated solution" at the World Trade Organisation (WTO) to end a stand-off between Beijing and the European Union. Sanchez's visit to China has seen him meet top officials including President Xi Jinping and call for "dialogue and cooperation" with the world's second largest economy. The trip comes against the backdrop of mounting trade tensions between the European Union and China, primarily over Beijing's subsidies for its electric vehicles ... read more

TRADE WARS
Doughnut-shaped region deep within the Earth sheds light on magnetic field dynamics

New approach enhances prediction of extreme rainfall and flash flooding

What you should know about Sentinel-2 climate satellites

NASA Discovers a Long-Sought Global Electric Field on Earth

TRADE WARS
LEO satellites enhance GPS accuracy through ground station integration

TrustPoint Secures $3.8M in SpaceWERX Direct-to-Phase II Contracts

UK to build military test site to combat GPS jamming

New Study Showcases Enhanced GNSS Accuracy in Smartphones for Urban and Open-Sky Navigation

TRADE WARS
Mozambique okays Africa's largest mangrove restoration project

Activists seek clarity over mining ban in Ecuador forest reserve

Chinese GF-7 satellite enhances forest height measurement accuracy

ForINT: A new platform for comprehensive forest intelligence

TRADE WARS
Biomethane Production on Peat Soils Leads to Higher CO2 Emissions than Natural Gas

CABBI team designs efficient bioenergy crops that need less water to grow

Engineered microbes efficiently convert CO2 into key pharmaceutical precursors

UK power firm to pay fine over inaccurate data on wood

TRADE WARS
Solar and Farming Can Work Together, Swansea University Researchers Show

UN's Guterres says China-Africa ties can drive 'renewable energy revolution'

Custom innovations for fault detection in renewable power grids

AI-powered process unveils chemical keys for solar energy advancements

TRADE WARS
Researchers develop method for chemically recyclable wind turbine blades

India's green energy wind drive hits desert herders hard

MIT engineers' new theory could improve the design and operation of wind farms

Engineers Develop Cost-Effective Seafloor Testing Device for Offshore Wind Farms

TRADE WARS
China coal production threatens climate goals

Coal generates less than 50% of Australian electricity for first time

China mining accident kills 8: state media

Swiss mining giant Glencore drops plan to exit coal

TRADE WARS
China consumer prices edge up to six-month high in August

US denies expulsion of Chinese diplomat in NY

Macau's top judge announces bid for city leader

China's 'throwing eggs' card game wins fans and official censure

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.