China’s exports fell for a second straight month in June, adding to the economic pain that has slowed the nation’s recovery this year. Know more:
The Yangshan container port is seen in an aerial view in Shanghai, China on July 10, 2021. China’s exports tumbled in June 2023 by 12.4% compared with a year earlier amid weaker global demand and higher inflation.China’s exports fell for a second straight month in June, adding to the economic pain that has slowed the nation’s recovery this year.
“External uncertainties are rising, and the global economy’s weak momentum and outlook of slowing growth is not improving yet,” said Bruce Pang, chief economist and head of strategy for Greater China at Jones Lang LaSalle Inc. Shipments to Asean, South Korea, Japan, Taiwan, Germany, Italy, the UK, the Netherlands and Canada all fell by double digits, and shipments to France were also down.
“The deeper decline in China’s exports in June drives home a painful message—a global economy that’s weakening won’t offer much support for China’s struggling recovery. A bigger drop in imports highlights weakening domestic demand—and the need for forceful policy support,” said Bloomberg economist Eric Zhu.
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