China exports decline slower than expected in August as economy remains under pressure

Hong Kong: China's exports declined at a slower pace in August, even as the world's second-biggest economy remains under pressure from weaker demand both domestically and abroad.

Exports for August slumped 8.8 per cent from the same time last year, totalling USD 284.87 billion, and were slower than the 14.5 per cent last month, according to customs data on Thursday.

Imports slid 7.3 per cent from a year ago to USD 216.51 billion, but beat consensus estimates of a 9 per cent decline.

China's trade surplus contracted 13.2 per cent to USD 68.36 billion, lower than the USD 80.6 billion in July.

Chinese leaders have in recent months rolled out several policy measures to shore up the economy after a post-COVID rebound fizzled earlier than expected.

China's central banks have eased borrowing rules, relaxing borrowing rules and lowering mortgage rates for first-time home buyers as well as implementing some tax relief measures for small businesses.

However, authorities have yet to announce large-scale stimulus spending or tax cuts.

Demand for Chinese exports weakened after the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs. (AP)