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China’s August exports fell by 5.5%

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China’s exports in August fell by 5.5% in US dollar terms, compared to expectations for a 6% fall year-on-year. Imports for the month fell by 13.8% in dollar terms, in comparison with forecasts for a decrease of 8.2%.

Dollar-denominated exports and imports fell 8.3% and 8.1%, respectively, in July.

“China is set to miss its export growth target for this year, and there will be no help from the external demand side for economic growth,” Liu Xuezhi, analyst at Bank of Communications, told Bloomberg. “China’s modest yuan devaluation has yet to show any effect on exporters.”

In yuan terms, exports fell 6.1% year-on-year while imports were down 14.3%.