China’s trade plunges more than forecast

News Snapshot:

Beijing | China’s exports fell for a third straight month in July amid a slump in global demand, while imports plunged as domestic pressures also undermine the economy’s recovery. Overseas shipments dropped 14.5 per cent in dollar terms last month from a year earlier — the worst decline since February 2020 — while imports contracted 12.4 per cent, the customs administration said on Tuesday. That left a trade surplus of $US80.6 billion ($123 billion) for the month. Economists polled by Bloomberg had forecast that exports would drop 13.2 per cent while imports would shrink 5.6 per cent. Exports have been...