Chinese exports in July have fallen by the highest percentage seen since the beginning of the COVID pandemic. Weaker demand from Europe and the US is weighing on post-pandemic economic recovery, Ednews informs via Chinese media.
Sales of Chinese products to foreign markets in July sank year-on-year by 14.5%, according to official customs data released Tuesday. The slump is adding pressure on China's leadership to provide stimulus as the world's second-largest economy tries to get back on track.
The July 2023 export data is the deepest drop since the 17.2% plunge that was reported in January-February of 2020, when the economy came to standstill at the onset of the COVID-19 pandemic.
At the end of last year, after officials removed growth-killing zero-COVID measures,, China experienced a brief economic boost.
However, the latest trade figures indicate how China's post-Covid recovery has run out of steam.