China’s export sector has experienced a continuous decline, marking the third consecutive month of downturns in July, as indicated by customs data released on Tuesday. The foreign market for China witnessed a significant drop of 14.5 percent year-on-year last month.
This figure falls below the consensus estimates, which had predicted a 12.5 percent decrease. In addition, the country’s imports also faced contraction, decreasing by 12.4 percent, which is more substantial than the projected 5.0 percent decline, as reported in a Reuters poll of economists.
Ken Cheung Kin Tai, an analyst at Mizuho Bank, offered insight into the situation, stating, “The weak trade figures highlighted the sluggish external demand, while importers refrained from purchasing goods for domestic production and investment.”
These developments underscore the challenges faced by China’s trade sector, reflecting both the impact of global economic conditions and internal factors affecting import and export decisions.
