China’s July exports slow sharply (Lead)

August 10th, 2012 - 2:47 pm ICT by IANS  

Beijing, Aug 10 (IANS) China’s export growth slowed sharply in July to a six-month low following dwindling demand from Europe and Japan, official data showed Friday.

Exports rose 1 percent year on year to $176.9 billion in July, plummeting from the 11.3-percent growth seen in June and well below market expectations, the General Administration of Customs (GAC) said Friday.

Imports increased 4.7 percent year on year to $151.8 billion, compared with a growth of 6.3 percent in June, reported Xinhua.

The trade surplus narrowed 16.8 percent year on year to $25.2 billion in July, taking the combined trade surplus to $94.1 billion for the first seven months of the year.

Foreign trade expanded 2.7 percent year on year to $328.7 billion in July, according to the GAC data.

In the January-July period, total foreign trade reached $2.17 trillion, an increase of 7.1 percent year on year, lower than the 10-percent growth targeted by the government for the whole of 2012.

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