China’s export slump is expected to have accelerated in June, as sluggish overseas economies struggling with inflation and rising interest rates buy up fewer goods from Chinese factories.
Chinese factory activity has been shrinking in recent months and policymakers are now reckoning with the prospect of prolonged slower growth in the world’s second-largest economy around just 3 percent annually, according to economists’ forecasts. That is less than half the rates typical throughout recent decades and creates the feel of an economy in recession.One-third of respondents to the trade poll forecast that exports in June dropped by a double-digit percentage, as in January.
Imports in June are expected to have shrunk by 4 percent, after a fall of 4.5 percent in May, reflecting persistently weak domestic demand.Chinese consumer prices teetered on the edge of deflation in June while producer prices fell at their fastest pace in more than seven years, bolstering the case for further policy stimulus.
Weakness in exports was also evident in slower growth of daily average container throughput in June compared with a year earlier, Fitch Ratings said in a note on Monday, while it fell 0.4 percent year-on-year in the first week of July. Premier Li Qiang, who took the reins of China’s economic policy apparatus in March, has talked up the prospect of policy measures to boost demand and invigorate markets, although few concrete measures have been announced, leaving investors wanting.Subscribe to our daily newsletter
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