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Trade tensions dent Chinas exports and imports in June

Chinas exports
and imports fell last month, as a tariff standoff with the US took
its toll on the ec..

Chinas exports
and imports fell last month, as a tariff standoff with the US took
its toll on the economy.

The Chinese trading outlook waned in June, according to new figures that underline the countrys current growth troubles.

Read more: Hunt is right to take a firm line on China

Chinas customs department reported today that dollar-denominated exports tumbled 1.3 per cent in June when compared with the same month in the previous year, while imports slumped 7.3 per cent.

“Exports declined last month as a result of the step-up in U.S. tariffs in May and waning global demand,” noted Julian Evans-Pritchard, senior China economist at Capital Economics.

He added: “Imports also weakened on the back of a renewed domestic slowdown.”

The latest data comes after Donald Trump and Xi Jinping agreed at a recent summit in Japan not to implement any further trade tariffs for the time being.

However, fears of an impasse in the trade dispute between Beijing and Washington, D.C. and a global financial slowdown still loom large over the economy.

During the first six months of this year, Chinas exports grew 0.1 per cent in US dollar terms, marking a sharp drop from 12.8 per cent during the same period last year.

Imports declined 4.3 per cent from January to June, compared with a rise of nearly 20 per cent last year.

According to South China Morning Post calculations, Chinas exports to the US fell by 7.8 per cent to $39bn (£31bn) in June, while imports fell 31.4 per cent to $9 billion.

Read more: China fury as it tells UK: Hands off Hong Kong

Fears of a slowdown follow a day on from chairman of the US Federal Reserve Jay PowRead More – Source
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