• Email Us: [email protected]
  • Contact Us: +1 718 618 4351
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

China’s export, import growth likely eased in Aug on COVID-19 cases, supply bottlenecks: Reuters poll

September 6, 2021 by David Barret Leave a Comment

September 6, 2021

BEIJING (Reuters) – China’s export growth is expected to have moderated in August amid port congestion caused by fresh COVID-19 cases, a Reuters poll showed, while the pace of imports also slowed, highlighting the growing pressure on the world’s second-largest economy.

The forecast slackening in overall trade add to a flurry of soft Chinese data since July and is likely to reinforce market expectations for more near-term support measures https://ift.tt/2WxQOtX to revitalise the flagging economic recovery.

Exports are expected to have risen 17.1% in August from a year earlier, the median forecast in a Reuters poll of 31 economists showed on Monday, compared with growth of 19.3% in July. The data are due out on Tuesday.

Nomura analysts attributed the slower growth to a shift in consumption towards services in developed economies following their reopening on the back of rapid vaccine rollouts, and shipment disruptions at the Ningbo-Zhoushan port caused by the latest wave of local COVID-19 cases.

Offsetting some of this, a few analysts say, is the possible diversion of export orders back to China due to rising COVID-19 cases in Southeast Asia.

Imports likely rose 26.8% last month year-on-year, the poll also showed, compared with 28.1% growth in July.

The Chinese economy made a remarkably strong revival after the initial coronavirus-led slump last year, but momentum has come off over the past few months as businesses grapple with sporadic COVID-19 outbreaks, supply bottlenecks and higher raw material costs. Commodity prices remain elevated despite Beijing’s attempts to cool them.

These factor drove China’s manufacturing activity into contraction in August https://ift.tt/3BNOuxR for the first time in nearly 1-1/2 years, a private survey showed on Wednesday.

The country appears to have largely contained the latest coronavirus outbreaks of the more infectious Delta variant, but it promptd measures including mass testing for millions of people as well as travel restrictions of varying degrees in August.

“If there’s demand from the market, cutting reserve requirement ratios and even lowering interest rates are both viable options,” Zeng Gang, vice director at National Institution for Finance and Development, told state-owned China Securities Journal in an interview.

Many analysts expect the People’s Bank of China to deliver a further cut to the amount of cash banks must hold as reserves later this year to lift growth, on top of July’s cut https://ift.tt/36slDl6 which released around 1 trillion yuan ($6.47 trillion) in long-term liquidity into the economy.

(Reporting by Stella Qiu and Ryan Woo; Editing by Shri Navaratnam)

Source Link China’s export, import growth likely eased in Aug on COVID-19 cases, supply bottlenecks: Reuters poll

David Barret
David Barret

Related posts:

  1. Exclusive-Apple hit with antitrust case in India over in-app payments issues
  2. Get 50B of data for just £12 a month with this unbeatable Smarty SIM only deal
  3. FTC bans spyware maker SpyFone, and orders it to notify hacked victims
  4. The only one way to tackle ransomware: Zero Trust

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • TWIS: Orcas Ramp Up Their Boat-Destroying Tactics, Billion-Year-Old Rocks Reveal Ancestral “Lost World”, And Much More This Week
  • 100,000 Soldiers: A Geological Oddity Not Seen Anywhere Else In The World
  • Most Expensive Pink Diamond Sells For Record $34 Million In Just 2 Minutes
  • Some Think Shilajit Is An “Elixir Of Life,” But What Does The Science Say?
  • US “Doomsday” Plane, Capable Of Surviving Nuclear War, Just Got A Big Revamp
  • Who Were The Real Aryans Before The Name Got Co-Opted By Racists?
  • After Months Of Warnings, El Niño Has Been Officially Declared
  • “Elixir Of Life”: Single Amino Acid Could Boost Lifespan By 10 Percent
  • 12,000-Year-Old Bone Flutes Discovered Sound Amazingly Like Birds Of Prey
  • Three New Shipwrecks Found In The Mediterranean, Dating Back As Far As 100 BCE
  • The Biggest Ammonite Fossil Ever Found Was A Whopping 1.8 Meters
  • RNA-Editing Octopuses Rewire Their Brains To Cope With Drops In Temperature
  • New 99-Million-Year-Old Dinosaur Species Discovered In Utah
  • Rebound Relationships: What They Are And Why They Can Work Better Than You Think
  • Aggressive Rabid Moose Becomes The First Ever Detected In Alaska
  • Are Billionaires’ Extreme Youth-Extending Measures Really Worth It?
  • Is A Mysterious Cipher Concealed Within The “Alchemical Hand Bell”?
  • IFLScience The Big Questions: Is Jurassic Park Possible?
  • Greenhouse Gas Emissions At “All-Time High,” Pushing Planet To Its Limits
  • Parents Who Phub Could Push Their Kids Towards Phone “Addiction”
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 618 4351
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2023 · Medical Market Report. All Rights Reserved.

Go to mobile version