Beijing is widely expected to announce more support measures in coming weeks to avert the risk of a sharper economic slowdown as the United States ratchets up trade pressure, including the first cuts in some key lending rates in four years.’s exports unexpectedly fell in August as shipments to the United States slowed sharply, pointing to further weakness in the world’s second-largest economy and underlining a pressing need for more stimulus as the Sino-US trade war escalates.
August exports fell 1% from a year earlier, the biggest fall since June, when it fell 1.3%, customs data showed on Sunday. Analysts had expected a 2.0% rise in a Reuters poll after July’s 3.3% gain. “Exports are still weak even in the face of substantial yuan currency depreciation, indicating that sluggish external demand is the most important factor affecting exports this year,” said Zhang Yi, economist at Zhong Hai Sheng Rong Capital Management.
“China-US trade friction has led to a sharp decline in China’s exports to the United States,” said Steven Zhang, chief economist and head of research at Morgan Stanley Huaxin Securities. Sluggish domestic demand was likely the main factor in the decline, along with softening global commodity prices. China’s domestic consumption and investment have remained weak despite more than a year of growth boosting measures.
But there was no indication that any planned tariffs on Chinese goods would be halted and markets expect a lasting peace between the two countries seems more elusive than ever.
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