MNI BRIEF: China Aug Exports Drop For 4th Month; -8.8% Y/Y

China's exports decreased by 8.8% y/y in August, marking the forth monthly fall after July's 14.5% y/y drop, and close to the consensus of 9.0% y/y fall. The drop was mainly due to the shrinking external demand, data from the Customs on Thursday showed.

Exports in the first eight months of 2023 totaled USD2.22 trillion. ASEAN countries - accounting for 15.2% of total exports - declined by 3.6% over the Jan-Aug period while those to the EU, who's the second biggest buyer, decreased 10.5% and 17.4% y/y to the U.S.

Imports decreased for the sixth consecutive month, driven by falling commodity prices, by 7.3% y/y in August, climbing up from July's 12.4% y/y drop and the market consensus of a 9.0% y/y fall. Imports in the first eight months amounted to USD1.67 trillion. The trade surplus over the Jan-August period was USD553.4 billion, with August contributing USD68.36 billion.