China’s July exports tumble by double digits, adding to pressure on economy
1 year, 4 months ago

China’s July exports tumble by double digits, adding to pressure on economy

LA Times  

Chinese leaders are trying to shore up business and consumer activity after a rebound sparked by the end of coronavirus controls in December fizzled out earlier than expected. China’s exports plunged by 14.5% in July compared with a year earlier, adding to pressure on the ruling Communist Party to reverse an economic slump. Demand for Chinese exports cooled after the U.S. Federal Reserve and central banks in Europe and Asia started raising interest rates last year to curb inflation that was at multi-decade highs. “Policymakers have pledged further policy support, which could buoy household spending and lead to an improvement in import growth for the coming few months.” Exports to the U.S. fell 23% from a year earlier to $42.3 billion while imports of American goods retreated 11.1% to $12 billion. U.S. and French officials cite evidence that China is delivering goods with possible military uses to Russia but haven’t said whether that might trigger penalties against Chinese companies.

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