China reports weaker than expected trade data

Exports fell 3.1% in June from a year earlier, indicating weak global demand for Chinese goods. Most analysts had expected a 4% increase in shipments.

Imports fell 0.7% from a year ago, showing a subdued domestic demand. China, the world’s second-largest economy, has been keen to rebalance its economy, after a decline in global demand hurt its export-led growth.

China’s economy grew at an annual pace of 7.7% in the January to March quarter, compared with 7.9% in the previous three months.Analysts say second-quarter GDP figures, due to be released on Monday, are likely to show a further slowdown, as demand in key export markets in the US and Europe remains weak.

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