On September 8, China’s General Administration of Customs released trade data which showed that, in August, total import/export trade shrank by 9.7 percent in yuan with exports down 6.1 percent and imports down 14.3 percent. The trade surplus grew by 20 percent.
The released statistics also showed that in terms of the yuan, the total trade for the first eight months so far sank by 7.7 percent compared to same period last year. Exports were down 1.6 percent and imports were down 14.6 percent. The trade surplus increased by 80.8 percent. Reports indicated that exports were more competitive thanks to the depreciation of the yuan. However, exports continued to slide for six consecutive months, indicating exports in the fourth quarter will be under significant pressure.
Source: Xinhua, September 9, 2015