China's June trade data is way down from a year ago, marking yet another big red flag for China's ailing economy
The country's exports tanked 12.4% in June from a year ago, while imports fell 6.8% in the same period, That's a big miss, according to the economists Reuters polled. They expected exports to fall by 9.5% and imports to decline by 4%.
In fact, the slump in China's exports was the worst since the start of the COVID-19 pandemic over three years ago, according to Reuters' records. "A weak global economic recovery, slowing global trade and investment, and rising unilateralism, protectionism and geopolitics" contributed to the poor showing in exports, said Lu Daliang, a General Administration of Customs spokesperson, at a news conference, per Reuters.
After an initial spurt, China's economy has struggled to recover from three years of on-off COVID-19 lockdowns, pointing to a disappointing showing for the world's second-largest economy this year.Other recent data out of China has been disappointing, with manufacturing activity contracting for a third straight month in June, according to
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