China’s dollar-denominated export contraction softened further in August as imports returned to growth for the first time since 2014.
Exports in US dollar terms fell 2.8 per cent year-on-year in August, moderating further from a softer fall of 4.4 per cent in July. Imports paid for with the same currency followed the trend seen in renminbi-based trade, bouncing to growth of 1.5 per cent after having plummeted 12.5 per cent the month prior, according to China’s General Administration of Customs.
The growth in imports was the first for dollar-based trade since October 2014.
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