China has reported its exports tumbled 12.4% in June from a year earlier as demand weakened after central banks raised interest rates to curb inflation
China’s exports tumbled 12.4% in June from a year earlier as demand weakened after central banks raised interest rates to curb inflation even as Chinese leaders struggled to keep a post-COVID recovery from faltering.
Customs data released Thursday showed imports slid 6.8% to $214.7 billion. Exports edged up slightly from the month before, totaling $285.3 billion. The trade surplus was $70.2 billion, rising from $65.8 billion in May.
Trade weakness adds to downward pressure on the world’s second-largest economy. Global consumer demand has weakened after the Federal Reserve and central banks in Europe and Asia raised interest rates to bring inflation down from near multi-decade highs by reining in business and consumer activity.
