China’s export growth slowed significantly

in August, customs authorities said Wednesday, as economic uncertainty is
exacerbated by strict Covid-19 lockdowns across the country.

Last month, China’s exports expanded 7.1 percent year-on-year, down from 18
percent growth in July, China’s General Administration of Customs said, while
imports were up only 0.3 percent, compared with a 2.3 percent rise in July.

Analysts surveyed by Bloomberg forecast export growth of 13 percent and a 1.1
percent increase in imports.

The slowdown in trade comes as global demand for Chinese products weakens
with energy prices soaring and the United States facing the threat of
recession.

Sporadic Covid-19 lockdowns around China have also dampened consumer
enthusiasm and business confidence, while searing temperatures across large
parts of the country this summer prompted power rationing for factories.

China’s factory activity shrank for the second month in a row in August, but
officials are showing few signs of relaxing strict pandemic curbs, with
southwestern megacity Chengdu locking down its 21 million inhabitants last
week.