China's exports plunged by 14.5% in July compared with a year earlier, adding pressure on the ruling Communist Party to reverse an economic slump. The contraction was the biggest since the start of the pandemic in 2020, according to Capital Economics.
Economic growth sank to 0.8% in the three months ending in June compared with the previous quarter, down from the January-March period’s 2.2%. That is the equivalent of 3.2% annual growth, which would be among China’s weakest in three decades.
Demand for Chinese exports cooled after the Federal Reserve and central banks in Europe and Asia started raising interest rates last year to cool inflation that was at multi-decade highs. “We expect exports to decline further over the coming months before bottoming out toward the end of the year,” said Capital Economics in a report. “The near-term outlook for consumer spending in developed economies remains challenging.”
China’s imports from Russia, mostly oil and gas, narrowed by just under 0.1% from a year ago to $9.2 billion. Chinese purchases of Russian energy have swelled, helping to offset revenue lost to Western sanctions imposed to punish the Kremlin for its invasion of Ukraine.
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