China’s exports and imports
unexpectedly declined in June, underscoring the severity of the
slowdown in the world’s second-biggest economy as Premier Li Keqiang reins in credit growth.
Overseas shipments fell 3.1 percent from a year earlier,
the most since the global financial crisis, data from the
General Administration of Customs showed in Beijing today,
compared with the median estimate of a 3.7 percent gain in a
Bloomberg News survey. Imports dropped 0.7 percent, while the
median projection was for a 6 percent increase.
Exports to the U.S. and European Union declined for a
fourth straight month while the drop in imports resulted in part
from falling commodity prices. Weaker global and domestic demand,
highlighted by China’s biggest shipyard outside state control
seeking a government bailout, increases pressure on Li to
support growth that’s at risk of...Read more on Bloomberg »»»
