China’s exports suffered their biggest drop in more than three years in July as global demand slowed
The value of exports, measured in US dollars, fell 14.5% last month from a year ago, the biggest drop since February 2020 when the initial Covid-19 outbreak battered trade and production, according to Chinese customs statistics released on Tuesday. It also marks the third straight month exports have declined. The steep drop is a reflection of last July’s high number and lower prices, said analysts from Capital Economics in a research note on Tuesday.
But since last October, those shipments have shrunk as surging inflation and rising interest rates dampen global demand. Weakening exports deal a fresh blow to the Chinese economy, which lost momentum recently after a strong start to the year. Signs of deflation are becoming more prevalent, sparking concerns that China could enter a prolonged period of stagnation. Tuesday’s data also showed China’s imports fell 12.
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