China’s exports in US dollar terms expanded at a slower rate in August as a number of cities in the mainland, especially in southwestern area, went into lockdown due to the resurgence of Covid-19.
Exports in August grew 7.1% YoY, a sharp cut from 18% growth in July and 13.5% expected by economists.
Meanwhile, imports grew 0.3% YoY, compared to 2.3% gains in July and a rise of 1.6% expected by economists.
Earlier this month, the Chinese government announced a lockdown extension on the biggest city in Sichuan province, Chengdu, placing 21 million people under its restriction measures. The extension covers most of the city, which will follow with a mass testing from Monday to Wednesday. Public activities such as conferences and performances will continue being restricted.
As of Monday this week, 33 cities in the world’s second-largest economy are under partial or full lockdown, impacting more than 65 million people living in those cities, according to an estimate by Chinese financial magazine Caixin.
