China reports double-digit plunge in July exports and imports, missing expectations

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A container ship from China-owned Cosco Shipping sits in the Port of Oakland in California on Aug. 7, 2023. BEIJING — China said Tuesday that exports fell by 14.5% in July from a year ago, while imports dropped by 12.4% in U.S. dollar terms. That's worse than what analysts had expected. A Reuters poll predicted a 12.5% decline in exports in July from a year ago, in U.S. dollar terms. Imports were expected to have dropped by 5% during that time, according to the poll. China's exports to the U.S. plunged by 23.1% year-on-year in July, while those to the European Union fell by 20.6%, CNBC analysis of customs data showed. Exports to the Association of Southeast Asian Nations fell by 21.4%, according to the data. China's imports from Russia fell by 8.1% in July from a year ago, the data showed. A slowdown in U.S. and other major economies' growth has dragged down Chinese exports this year. Meanwhile, China's domestic demand has remained lackluster.