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China’s Exports Plunge by 14.5% in July, Imports Drop by 12.4%: Worse Than Expected

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

China’s Exports and Imports Decline in July

China announced on Tuesday that its exports in July fell by 14.5% compared to the same period last year, while imports dropped by 12.4% in U.S. dollar terms.

These figures are worse than what analysts had anticipated.

A recent Reuters poll had predicted a 12.5% decline in exports during July, in U.S. dollar terms. The same poll estimated a 5% drop in imports for the same period.

Notably, China’s exports to the United States experienced a sharp decline of 23.1% year-on-year in July, while exports to the European Union fell by 20.6%, as reported by ‘s analysis of customs data.

The main factors contributing to the decline in Chinese exports this year are the slowdown in the growth of major economies, including the United States, and the lackluster domestic demand in China.

In addition, an official measure of Chinese manufacturing activity has shown a fourth consecutive month of contraction in July.

A separate survey conducted by Caixin for July revealed that manufacturers’ new export business contracted at the fastest pace since September 2022.

Please note that this is breaking news. Stay tuned for further updates.

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