China’s imports and exports fell much faster than expected in July, threatening growth prospects in the world’s second-largest economy and heightening pressure for the government to provide fresh stimulus to prop up demand.
Imports dropped 12.4% in July year-on-year, customs data showed on Tuesday, missing a forecast fall of 5% in a Reuters poll. Exports contracted 14.5%, steeper than an expected 12.5% decline and the previous month’s 12.4% fall.
Inbound shipments saw their biggest decline since January, when COVID infections shut shops and factories, crushing domestic demand.
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