China imports down 2.3% on year in June: government
[BEIJING] China's imports fell 2.3 per cent year-on-year in yuan terms in June, official data showed on Wednesday, in a possible sign of weakening domestic demand in the world's second-largest economy.
Exports rose 1.3 per cent on year, Customs said, while the monthly trade surplus jumped 12.8 per cent to 311.2 billion yuan (around S$62.7 million).
As the world's biggest trader in goods China is crucial to the global economy and its performance affects partners from Australia to Zambia, which have been battered by its slowing growth - while it faces headwinds itself in key developed markets.
Customs attributed the fall in import values to weakening commodity prices.
"The input volume of major bulk commodities such as iron ore, crude oil and copper maintained growth," it said in a statement. "The prices of major import commodities remained low with a narrowing price decline."
China imports and exports both fell in the first half of the year, by 4.7 per cent and 2.1 per cent respectively.
Customs said there were "obvious obstacles" blocking China's foreign trade development, particularly the decline in business in both directions with major trading partners such as the US and ASEAN.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
HSBC wins £1.3 billion suit over Disney film finance scandal
WTO countries to reboot dispute reform negotiations
Fed’s preferred core inflation gauge rose at a brisk pace in March
Thames water crisis risks £100 billion UK investment plan
Indian central bank issues draft guidelines for web aggregators of loan products
Vietnam National Assembly head resigns amid graft purge