Chinese exports have suffered their worst fall since the beginning of the pandemic as a slump in western demand hit the world’s second-largest economy.
Last month exports fell 14.5 per cent compared with the same month a year ago, the steepest drop since February 2020. Weaker domestic demand meant that imports contracted by 12.4 per cent, adding to concerns about a Chinese trade downturn.
The performance was worse than expected. Economists polled by the news agency Reuters had forecast a 12.5 per cent fall in exports and a 5 per cent drop in imports.
The drop in exports was thanks in part to weaker demand from key markets. Exports to the European Union fell by 20.6 per cent in July, having fallen 12.9 per cent
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