China’s exports drop double digits in July

China’s exports dropped 14.5% year-on-year in July, more than market expectations, official figures showed on Tuesday.

The country’s imports also dropped 12.4% over the same period, the country’s National Bureau of Statistics said.

China’s exports totaled $281.7 billion for the month while imports amounted to $201.1 billion.

The decline in exports in July was the largest drop since February 2020, when the pandemic hit the world economy.

After falling 6.8% in the first two months of the year on an annual basis, exports rose 14.8% in March and 8.5% in April, but dropped 7.5% in May and 12.4% in June.

In July, China’s exports to its largest trading partner, the Association of Southeast Asian Nations (ASEAN) countries, fell 21.43% year-on-year, while exports to EU countries fell 20.62%.

Its exports to the US dropped 23.12% in July on a yearly basis.

The foreign trade surplus also rose in July compared to the previous month, from $70.6 billion in June to $80.6 billion.

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