China’s August imports fall 14.3% on oil prices

China’s August imports fall 14.3% on oil prices

China’s August imports fall 14.3% on oil prices

Written by Staff Writer

08 Sep, 2015 | 10:15 am

China’s imports in August fell 14.3% in yuan denominated terms from a year ago, while exports fell by 6.1%.

The steep fall in the value of imports reflects lower commodity prices globally, particularly crude oil.
The numbers mean China’s monthly trade surplus expanded by close to 40% from the month earlier to 368bn yuan ($57.8bn; £37.7bn).

China recently revised down its 2014 economic growth from 7.4% to 7.3%, its weakest for almost 25 years.

In US dollar denominated terms, exports for the month of August fell 5.5% from a year earlier – slightly less than expected while imports fell by 13.8%, leaving China with a surplus of $60.24bn.

Currency conversion factors based on US dollar and Chinese yuan movements over the last year mean some official numbers from the mainland are now reported in both currencies.

A fall in both import and export figures had been expected as China’s economy slows, though analysts said the drop in imports was greater than forecast.

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