China’s July exports tumble by double digits, adding to pressure to shore up flagging economy

News Snapshot:

China’s exports plunged by 14.5% in July compared with a year earlier, adding to pressure on the ruling Communist Party to reverse an economic slump. Imports tumbled 12.4%, customs data showed Tuesday, in a blow to global exporters that look to China as one of the biggest markets for industrial materials, food and consumer goods. Exports fell to $281.8 billion as the decline accelerated from June’s 12.4% fall. Imports sank to $201.2 billion, widening from the previous month’s 6.8% contraction. The country’s global trade surplus narrowed by 20.4% from a record high a year ago to $80.6 billion. Chinese leaders...