China's trade falters as demand wanes at home & abroad

Exports rose 7.1% in August from a year earlier, slowing from an 18% gain in July and marking the first slowdown since April, official data showed today, well below analysts' expectations for a 12.8% increase.

"It seems the export softness arrived in earlier than expected, as recent shipping data suggests that demand from the US and EU has already slowed as shipping prices have been falling significantly," said Zhou Hao, chief economist at Guotai Junan International. Despite languishing around two-year lows, the weakening yuan has failed to give China's exports the competitive edge they need to make up for softening external demand.

Bucking the broader trend, car exports remained robust in August, jumping 47% from a year earlier, according to Reuters calculations based on customs data. Inbound shipments rose just 0.3% in August from 2.3% in July, well below a forecast 1.1% increase. Both imports and exports grew at their slowest pace in four months.

"The remarkably slower imports growth indicated the sector has faced a wave of headwinds in recent months, which is not expected to ease anytime soon," said Bruce Pang, a chief economist at Jones Lang Lasalle.

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