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China’s Imports Collapse in June

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By Douglas A. McIntyre Updated Published
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China’s import levels collapsed in June. The data are another sign that raw materials needed for factories have dropped sharply due to lower demand, especially in Europe. China’s PMI was weak in the most recent reporting period. Inflation also rose only 2.2% year over year in June

The news raises a question about how quickly the Chinese economy has slowed and whether current GDP growth is well below 7%.

China’s trade surplus was $31.7 billion, but imports grew at a pace of only 6.3% in June compared to the same period last year. Exports rose 11.3%.

MarketWatch quoted a noted expert:

Piper Jaffray principal sales trader Andrew Sullivan said the data offered up a weaker picture of conditions within China and likely meant that economic data due out Friday would be weaker than forecast.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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