While a decline in imports accelerated a possible sign of weakness in the world's second-largest economy, China's exports fell again in July by an unexpectedly wide margin. Exports fell by 4.4 per cent to $184.7 billion, of course, a slight improvement over June's 4.8 per cent contraction, the country’s customs data showed. On the other hand, imports fell 12.5 per cent to $132.4 billion rising from a decline of 8.4 per cent.
Weak global demand has hampered efforts to shore up Chinese trade and stave off job losses in export industries. The fall in imports reflects possible weakness in the domestic economy but the figures also are depressed by a decline in prices of oil and other commodities.
Chinese economic growth held steady at 6.7 per cent in the quarter ending in June compared to a year earlier though that was the lowest quarterly level since the aftermath of the 2008 global crisis. The declines in both exports and imports were worse than many forecasters expected.
