Chinese exports fell by 14.5% in July – Kommersant
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The volume of exports from China in July amounted to $281.8 billion, thus decreasing by 14.5% compared to last year, follows from data China Customs Administration. This is the largest drop in exports since the start of the COVID-19 pandemic. Analysts polled by Reuters believed that the decline in exports by the end of the month will be 12.5%.
Imports to China also decreased significantly – by 12.4%, to $ 201.2 billion. This is the maximum drop since May 2020. And the discrepancy with forecasts for the volume of imports turned out to be even more significant than in the case of exports. Analysts had expected a drop in imports to China by only 5%.
As follows from the report, exports from China to the US fell by 23.1%, to the EU – by 20.6%. At the same time, exports to Russia amounted to $10.28 billion, an increase of almost 52% compared to last year.
China’s imports from the US decreased by 11.2%, from the EU – by 3%, and from Russia – by 8.1%.
According to the results of the first seven months of the year, exports from China in total decreased by 5%, and imports – by 7.6%. According to the results of this period, exports to Russia increased immediately by 73.4%, to $62.54 billion. And imports of Russian goods and services increased by 15.1%, to $71.55 billion. Trade between Russia and China increased by 36.5% year-on-year, to $134.1 billion.
About why American companies have significantly reduced imports of goods from China – in the material “Kommersant” “They don’t need the Chinese coast”.
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