The growth of Chinese exports slowed down last August to record 7.1% on an annual basis from a growth of 18% recorded in July, against expectations of a growth of 12.8%.
This slowdown came at a time when the Corona pandemic is still casting a shadow over Chinese cities and the factories located in them, with continued closures of factories and neighborhoods.
The growth of imports slowed down significantly during August, reaching 0.3%, from 2.3% growth in July, against expectations of 1.1%, CNBC Arabia reported.
As a result of this slowdown, China's trade balance surplus fell to $79.39 billion in August from a surplus of $101.26 billion in July.
The Chinese trade balance surplus reached record levels in February 2022, when it recorded about $116 billion.
