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. |