Chinese exports fall 14.5% in July from 2022, add pressure to strengthen the economy

2023-08-08 05:20:34

BEIJING (AP) — China’s exports fell 14.5% in July from a year earlier, increasing pressure on the country’s ruling Communist Party to stem the economic slowdown.

Exports fell to $281.8 billion and the decline grew from a negative 12.4% in June, customs data showed on Tuesday. Imports fell 12.4% to $201.2 billion in a sign of weak domestic demand, up from a 6.8% drop the previous month.

The country’s global trade surplus narrowed by 20.4% from a record high a year ago, when it hit $80.6 billion.

Chinese authorities were facing pressure to bolster consumer and business activity following the world’s second-largest economy grew just 0.8% in the second quarter of 2023, compared with the previous three-month period.

The ruling party has promised measures to support entrepreneurs and incentives for home purchases and consumer spending, but has not announced large stimulus packages or tax cuts.

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