Monday, August 13, 2012
China’s trade growth slowed to six-month low in July
China’s export growth rose an anemic 1 percent to $176 billion in July, a six-month low that could reportedly bring about further government stimulus measures.
The slowdown in China’s exports came on the heels of June’s 11.3 percent growth, while the Asian giant’s imports increased 4.7 percent over the same month last year, after posting growth of 6.3 percent in June.
China’s foreign trade grew 2.7 percent to $328.7 billion in July year-on-year, according to data released by the General Administration of Customs.
"The July data were poor indeed," said Zheng Yuesheng, director the G.A.C.’s department of statistics.
"It will be an arduous task to fulfill our foreign trade target, as external demand is weak,” he said.
China's exports to its biggest trading partner, the European Union, plummeted 16.2 percent in July over the same period last year, while exports to its second-largest trading market, the United States, was up slightly at 0.6 percent year-on-year, compared to 10.6-percent growth in June.
The China Daily reported analysts widely project China’s central government will further reduce the reserve requirement ratio and interest rates.
For the full China Daily story: www.chinadaily.com.cn
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