Economy
China Exports Down 3.1% -- General Administration of Customs
Published:
Last Updated:
China’s exports dropped 3.1% in May, which is viewed as more evidence the Chinese economy is slowing. PMI data has recently confirmed the trend as have downward revisions in GDP improvement from both public sources like the IMF and private research firms.
The General Administration of Customs issued a report which said, according to Xinhua:
China’s exports took a surprising tumble in June, putting pressure on the growth of the world’s second-largest economy.
Exports dropped 3.1 percent in June from a year earlier, while imports went down 0.7 percent, the General Administration of Customs (GAC) said on Wednesday.
Exports stood at 174.32 billion U.S. dollars and imports totalled 147.19 billion U.S. dollars, with a trade surplus of 27.13 billion U.S. dollars for the month.
Total foreign trade shrank 2 percent year on year to 321.51 billion U.S. dollars in June.
Foreign trade neared 2 trillion U.S. dollars in the first half of the year, up 8.6 percent year on year, with exports at 1.05 trillion U.S. dollars, up 10.4 percent, and imports at 944.87 billion U.S. dollars, up 6.7 percent.
China’s foreign trade growth rate has been slowing down in the first half of the year, as it grew 13.5 percent in the first quarter year on year and 4.3 percent in the second quarter, but just 0.3 percent in May and 2 percent in June, said GAC spokesman Zheng Yuesheng.
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.