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ECONOMY
THIS WEEK> THIS WEEK NO. 29, 2013> ECONOMY
UPDATED: July 15, 2013 NO. 29 JULY 18, 2013
Lackluster Trade
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China's exports took a tumble in June, putting pressure on growth of the world's second largest economy.

Exports dropped 3.1 percent year on year in June to $174.32 billion, while imports went down 0.7 percent from a year earlier to $147.19 billion, said the General Administration of Customs (GAC) on July 10. Total foreign trade in June declined 2 percent year on year to $321.51 billion.

GAC spokesman Zheng Yuesheng attributed the slump in foreign trade mainly to weak global demand, a rising yuan, higher labor costs, various trade frictions and faltering domestic demand.

In the first six months, China's foreign trade, with 8.6-percent growth year on year, recorded the best performance among the world's major economies despite the fact that it is slowing down, he said.



 
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