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China trade plunges in July as overseas shipments fall 14.5pc
来源：shippingazette 编辑：编辑部 发布：2023/08/14 09:04:09
CHINA's trade plunged in July as slowing global demand clouded the outlook for exports, while domestic pressures weighed on imports in a hit to the economic recovery, reports Bloomberg.
Overseas shipments dropped 14.5 per cent in dollar terms last month from a year earlier - the worst decline since February 2020 - while imports contracted 12.4 per cent, the customs administration said. That left a trade surplus of US$80.6 billion for the month. The export and import figures were worse than what economists polled by Bloomberg had expected.
The deepened slump in imports "is a reflection of weak domestic demand," said Zhang Zhiwei, chief economist at Pinpoint Asset Management. The drop was the worst since January. "The overall consumption and investment growth probably both stayed quite weak in China."
China's economic recovery this year was expected to be buoyed by strong domestic demand, but a housing market slump has hit construction while consumption growth is slowing - issues underlined by the fifth consecutive month of falling imports. Data due this week is expected to show consumer prices declined in July, adding to evidence of that lack of demand.
Overseas shipments dropped 14.5 per cent in dollar terms last month from a year earlier - the worst decline since February 2020 - while imports contracted 12.4 per cent, the customs administration said. That left a trade surplus of US$80.6 billion for the month. The export and import figures were worse than what economists polled by Bloomberg had expected.
The deepened slump in imports "is a reflection of weak domestic demand," said Zhang Zhiwei, chief economist at Pinpoint Asset Management. The drop was the worst since January. "The overall consumption and investment growth probably both stayed quite weak in China."
China's economic recovery this year was expected to be buoyed by strong domestic demand, but a housing market slump has hit construction while consumption growth is slowing - issues underlined by the fifth consecutive month of falling imports. Data due this week is expected to show consumer prices declined in July, adding to evidence of that lack of demand.