Sunday, October 1, 2023

China’s exports fell for the fourth straight month

The slowdown in activity levels in some of China’s key partners, such as the eurozone, weighed on exports.

exports from China They fell in August for the fourth month in a row. Imports also fell. Foreign trade data confirm that the world’s second largest economy is struggling to return to high levels of growth.

Overseas sales fell 8.8% compared to August last year, while purchases fell 7.3%.

The slowdown in activity levels in some of China’s key partners, such as the eurozone, weighed on exports. In turn, lower demand from China could impact commodity-exporting countries such as Brazil, Australia, Argentina and Canada.

In any case, the decline in trading was smaller than expected, leading many analysts to believe that the decline has already bottomed out.

China’s inflation data will be released over the weekend and will show that deflationary risks are fading. On the other hand, various investment banks have lowered their growth forecasts for this year. The government’s target is an increase in GDP of around 5%.

Other data

This was also reported on Thursday There were 216,000 initial jobless claims in the United States or in the week ended Saturday 2nd, down 13,000 from the previous week and the lowest since February.

This is further data showing that the labor market remains relatively healthy and that it is crucial to sustain consumption, which guarantees a good development of activity in this third quarter.

In Mexico, on the other hand, inflation continues to slow. The consumer price index rose 4.64% in August, the lowest record in two and a half years. Core inflation was 6.08% yoy, the lowest in 20 months.

The market does not expect Banxico to start easing monetary policy quickly and could only start gradually cutting interest rates towards the end of the year.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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