Chinese exports and imports both fell by double digits in July, according to official data released on Tuesday, which was much worse than predicted.
China said Tuesday that exports declined 14.5% in July compared to a year ago, while imports declined 12.4% in U.S. dollar terms.
Exports were expected to fall by 12.5% in July compared to the same month last year, according to a Reuters survey. The poll predicted a 5% decline in imports over that time.
Caixin’s July survey found manufacturers’ new export business contracted fastest since September 2022.