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Plunging exports add to China's economic woes
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11494504





China's foreign trade performance worsened in July with exports and imports falling on an annual basis, China Customs Statistics says, spelling more worry for the world's second-largest economy.

Exports plunged 8.3 per cent year-on-year to US$195.10 billion ($295 billion) while imports dropped 8.1 per cent to US$152.07 billion, it said.

The country still recorded a trade surplus of US$43.03 billion. Separately, the agency said the trade surplus in yuan currency terms narrowed by 10 per cent on the year.

Exports are a key driver of China's economic growth.

"China's trade slump deteriorated further in July," ANZ Banking Group said. As global growth moderates and commodity prices remain depressed, it said, it will be "unlikely" that China's trade growth will pick up significantly in the remainder of the year.

The latest trade figures worsened from June, when exports in US dollar terms eked out a 2.8 per cent annual rise and imports still fell but a lesser 6.1 per cent, previous data showed.

China's economy expanded 7.4 per cent last year, its weakest since 1990, and has slowed further this year, growing 7.0 per cent in each of the first two quarters. The government has targeted annual economic growth of around 7.0 per cent for all of 2015.