China’s exports, imports slide amid falling global demand
China's exports and imports declined by about three per cent in the first seven months amid falling global and domestic demand, according to data released by a ministry-level administrative agency here. Foreign trade in the first seven months was three per cent lower than a year before, with exports down 1.6 per cent and imports down 4.8 per cent, figures released by General Administration of Customs (GAC) said.
Also exports and imports fell more than expected in July in view of persisting weakness in global demand following Brexit and other factors. Exports fell by 4.4 per cent compared to a year earlier, which was a slight improvement over June's 4.8 per cent drop but still lower than analysts had been expecting.
Also imports fell 12.5 per cent from a year earlier, the biggest decline since February this year pointing to falling domestic demand despite a host of measures initiated by the government to halt the slowdown of the economy. State-run Xinhua news agency, however, said exports in yuan-denominated terms rose 2.9 per cent year on year in July, while imports fell 5.7 per cent. Yuan has declined by more than six per cent in the last several months after the first devaluation in September last year.