China exports slumped 12.4% in June from a year earlier as global demand weakened
China has reported its exports tumbled 12.4% in June from a year earlier as demand weakened after central banks raised interest rates to curb inflation
HONG KONG (AP) — China's exports tumbled 12.4% in June from a year earlier as demand weakened after central banks raised interest rates to curb inflation.
Customs data released Thursday showed imports slid 6.8%.
Trade weakness adds to downward pressure on the world’s second-largest economy. Global consumer demand has weakened after the Federal Reserve and central banks in Europe and Asia raised interest rates to bring inflation down from near multi-decade highs by reining in business and consumer activity.
In January-June, China’s total trade including imports and exports fell nearly 5% from a year earlier. Exports slipped 3.2% and imports declined 6.7% as prices of commodities like oil fell and demand inside China also faltered.
Trade also has been dampened by tensions with Washington and restrictions on access to U.S. processor chips and other technology in a feud with Beijing over security and Chinese industrial policy. Chinese factories assemble most of the world’s smartphones and other electronics.
