August 8, 2023
02:19
02:19
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China's trade falls more than expected
China's trade plunged more than expected in July amid slowing global and domestic demand, adding to concerns about growth prospects in the world's second-biggest economy more than six months after it eased pandemic restrictions. Overseas shipments fell 14.5% in dollar terms from a year earlier - the worst decline since February 2020- while imports contracted 12.4%. That left a trade surplus of around $80 billion for the month, down almost 20% year-on-year.
A slowdown in the US and other major economies' growth has dragged down Beijing's exports this year. Chinese listed stocks in Hong Kong led losses in Asian markets on Tuesday following the news.
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