China’s foreign trade dropped 7.3 per cent year on year to 13.63 trillion yuan ($2.23 trillion) in the first seven months of 2015, official data showed on Saturday.
Exports edged down by 0.9 per cent from a year ago to 7.75 trillion yuan, while imports slumped by 14.6 per cent to 5.88 trillion yuan, according to data from the General Administration of Customs (GAC).
Strength in external demand may help Premier Li Keqiang achieve the economic growth target of about 7 per cent for 2015 he announced in his work report to the annual National People’s Congress session earlier this year. Still, weaker import numbers reflected headwinds facing the world’s second-biggest economy.
Trade surplus doubled to hit 1.87 trillion yuan in the Jan.-July period.
The government is targeting a 6 per cent gain in trade for 2015.
In July, foreign trade decreased by 8.8 per cent from the same period last year to 2.12 trillion yuan, with exports declining by 8.9 per cent to 1.19 trillion yuan and imports falling by 8.6 per cent to 930.2 billion yuan, data showed.
Trade surplus in July dropped by 10 per cent to 263 billion yuan.
Chinese policymakers are seeking to cut excess capacity and transition to reliance on domestic consumption rather than debt-fueled infrastructure spending.
TBP and Agencies