China’s exports fell 8.8% from the same period last year to a total of $284.87 billion

Even while the world's second-largest economy continues to face pressure from weakening demand both domestically and internationally, China's exports fell at a slower rate in August.

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According to customs data released on Thursday, exports decreased 8.8% from the same period last year to a total of $284.87 billion, which was a smaller decline than the 14.50% previous month.

Imports decreased 7.3% from a year ago to $216.51 billion, beating consensus predictions of a 9% reduction.

The trade surplus for China decreased by 13.2% to $68.36 billion from $80.6 billion in July.

In recent months, Chinese policymakers have introduced a number of policy initiatives to support the economy as an anticipated post-COVID recovery collapsed.

The borrowing restrictions have been loosened by China's central banks, who have also lowered mortgage rates for first-time homebuyers and implemented certain tax relief measures for small enterprises.

Authorities have not yet disclosed significant stimulus spending or tax reductions.

After the US Federal Reserve and central banks in Europe and Asia started raising interest rates last year to curb inflation that was at multi-decade highs, demand for Chinese goods decreased.

Exports to the US decreased 17.4% year over year to $45.03 billion, while imports of commodities from the US dropped 4.9% to $11.98 billion.

The value of China's imports from Russia, that include mainly gas and oil, climbed by 13.3% from the previous year to $11.52 billion.

Increased Chinese energy purchases from Russia have helped to make up for revenue lost as a result of Western sanctions put in place in order to penalise the Russian government for its invasion of Ukraine.

Exports to the European Union fell by 10.5% from the same period last year to $41.29 billion, whereas imports of European goods fell by 2.5% to $24.56 billion.

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