China’s imports fell 5.6 percent in July compared with the same period last year, while exports rose 3.3 per cent, official data showed Thursday.
China’s foreign trade fared slightly better than analysts expected, as the world’s second-largest economy is bracing for a new round of tariffs imposed by the U.S.
Trade with the U.S. fell sharply in July, consistent with the trend over the past few months.
China’s imports from the U.S. plunged 19 per cent last month compared with the same period in 2018, while exports dropped 6.5 per cent.
Negotiations to end the countries’ year-long trade war appeared unsuccessful after the U.S. last week threatened to raise tariffs on 300 billion dollars’ worth of Chinese goods.
Washington has already slapped punitive duties on 250 billion dollars’ worth of Chinese imports.
Beijing announced it would stop agricultural imports from the US in retaliation, leading to the US markets posting their worst day this year.
On Monday, the U.S. Treasury Department labelled China a “currency manipulator” after Beijing allowed a sharp fall in the value of the yuan against the dollar.
dpa/NAN
