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China export and import growth slows sharply in July

China export and import growth slows sharply in July

TestFunda ,  16-Aug-12
China growth in industrial output fell to a three-year low in July. 

Exports rose by a mere 1% from a year earlier, down from 11.3% growth in June and imports rose by 4.7% compared with 6.3% in June. 

Analysts have cautioned that the data was weaker-than-expected and may see Beijing introduce immediate actions to spur growth.

"Trade data has come in dramatically below expectations - the worst export growth number (excluding Chinese New Year) since November 2009 - highlighting the risk that the external environment poses to an economy in the midst of a rapid internal slowdown," said Alistair Thornton of IHS Global Insight in Beijing.

There has been a sharp decline in industrial production and growth in retail sales have also fallen short of forecasts.

China's economic growth has slowed in recent months. Its economy expanded at an annual rate of 7.6% in the April to June period, the slowest pace of growth in three years. Analysts say that this rate may further slow down.

Keeping this in mind, China's central bank has cut its key interest rates twice since the start of June and reduced the amount of money the country's banks must keep in reserve, in a bid to boost lending.
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