China’s exports, imports fell at much faster pace in July amid weaker demand

 

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China’s imports and exports fell at a much faster pace in July as the slowdown in the US and other major economies dragged down the exports and China domestic demand remained lackluster.

China’s exports, in US dollar terms, declined by 14.5% in July from a year earlier, compared to the 12.4% drop in the previous month, while imports fell by 12.4%, compared to the 6.8% fall in June, according to data released by the General Administration of Customs.

In yuan terms, China’s exports declined by 9.2% in July from a year earlier, accelerating from the 8.3% drop in June, and imports declined by 6.9%, widening sharply from the 2.6% fall in the previous month, showed the data.

In the first seven months of the year, China’s total exports and imports reached 23.55 trillion yuan, rising by 0.4% from a year earlier, said the customs administration.

Exports reached 13.47 trillion yuan in Jan – Jul rising by 1.5% year over year, while imports reached 10.08 trillion yuan, down 1.1%, with trade surplus expanding by 10.3% to 3.39 trillion yuan, according to the data. 

In US dollar terms, exports and imports reached $3.4 trillion in Jan – Jul, falling 6.1% from a year earlier, with exports falling 5% to $1.94 trillion and imports falling 7.6% to $1.46 trillion, trade surplus expanding by 3.5% to $489.57 billion, showed the data.

Exports to the US tumbled 23.1% in July from a year earlier, while shipments to the EU fell 20.6%, as diplomatic tensions mount over chip technology and “de-risking” from China.

South Korean exports to China, a leading indicator of Chinese demand for global goods, fell 25.1% in July from a year earlier, the sharpest decline in three months.