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Foreign trade, the last reliable pillar of the world's
second-largest economy as it struggles with COVID-19 outbreaks,
weak consumption and a property crisis, is losing momentum as
demand wanes at home and abroad.
August trade data shows that the weakening external demand
remains the biggest uncertainty for China's foreign trade, as
the economic growth of Europe and the U.S. slowed and orders for
Chinese trade firms declined, Wang said at a press conference in
Beijing.
In order to stabilise the sector, the ministry on Tuesday
released measures, including supporting firms' order delivery
and encouraging some regions to explore second-hand auto
exports.
The online exhibition of the 132nd China Export and Import Fair,
or Canton Fair, will be expanded from 10 days to five months,
said the ministry.
China will lower port dues on cargo priced by the government by
20% in the fourth quarter and vowed to keep normal operation of
ports and freight depots, state media quoted the cabinet as
saying last week.
"With these policy supports and the sound foundation of China's
foreign trade, we are confident that the sector will achieve
positive growth in the second half of this year despite slowing
external demand," Wang said.
Exports rose 7.1% in August from a year earlier, slowing from an
18% gain in July and marking the first slowdown since April,
official data showed.
The slowdown in trade is rippling through workshops across
eastern and southern China's manufacturing hubs, in industries
from machinery parts and textiles to high-tech home appliances,
where businesses are scaling back while export orders dry up.
(Reporting by Ellen Zhang and Ryan Woo; Editing by Kirsten
Donovan and Christian Schmollinger)
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