China's exports fell by 14.5% YoY in July, biggest drop since 2020
As China's foreign market continues to lose its presence, the country continues to witness downfall in its exports for the third consecutive month in July. Its foreign market fell by 14.5 per cent YoY last month. Notably, it was the biggest ever drop in export of China since 2020, according to official figures released Tuesday, as the world's second-largest economy faces sluggish global demand and a domestic slowdown.
Sales of Chinese products to foreign markets fell by 14.5 percent year-on-year last month, shrinking for the third consecutive month, according to dollar-denominated figures published by China's customs authority. In June, China's exports had fallen by 12.4 per cent year-year in June this year. China's largest ever decline in export was witnessed during January-February in 2020.
During that time, its decline fell by 17.2 per cent as the country's economy came to a standstill in the early weeks of the COVID-19 pandemic. There was minor rebound in March and Aprill. But that didn't seem to last long enough as the country is witnessing constant decline in its exports since October 2022.
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