China’s Trade Data in June Badly Misses Expectations as Exports and Imports Shrink Further

China’s exports in June fell 12.4% from a year ago, while imports contracted 6.8% as the world’s second largest economy continued to struggle in post-pandemic recovery and global weak demand.

The economic data released by the Statistic Bureau on Thursday was worse than the market had expected. According to economists consensus in a Reuters poll, exports are expected to shrink 9.5% and exports should fall 4.0%.

The drop in exports was the lowest since the onset of the Covid-19 pandemic more than three years ago.

The Chinese government has set its growth target this year at 5%.