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
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