China staged an impressive recovery from a coronavirus-battered slump, but economic momentum has weakened recently due to the Delta variant-driven COVID-19 outbreaks, high raw material prices, slowing exports, tighter measures to tame hot property prices and a campaign to reduce carbon emissions.
Shipments from the world's biggest exporter in August rose at a faster-than-expected rate of 25.6% from a year earlier, from a 19.3.% gain in July, pointing to some resilience in China's industrial sector.Exports from neighbouring countries also showed encouraging growth last month, with South Korean shipments accelerating on strong overseas demandSome of the port gridlock appears to have cleared in a boost to China's exports last month.
The eastern coastal ports have suffered congestion as a terminal at the country's second biggest container port shut down for two weeks due to a COVID-19 case. That put further pressure on global supply chains already struggling with a shortage of container vessels and high raw material prices.
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Source: Reuters - 🏆 2. / 97 Read more »