China’s trade fell sharply in July.
According to customs data released on the 8th, China’s exports in July were US$ 281.8 billion, down 14.5% from last year.
This is the fastest drop since the novel coronavirus pandemic in February 2020.
July imports also fell 12.4% to $201.2 billion, nearly doubling the forecast of 6.8%.
The Associated Press reported that demand for Chinese exports has declined as the US Federal Reserve and central banks in Europe and Asia raised interest rates to keep inflation at bay.
With China’s second-quarter economic growth slowing 0.8% compared to the previous quarter, experts expect record exports to drop further in the coming months.
VOA News
2023-08-08 20:08:36
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