China exports slump 12.4% in June amid weak external demand

Imports also drop 6.8% as domestic consumption slows

China's exports have fallen as its post-COVID economic recovery loses momentum. © Reuters

CK TAN, Nikkei staff writer

July 13, 2023 12:57 JST

Updated on July 13, 2023 15:58 JST

SHANGHAI -- China's exports fell for a second straight month in June, underscoring weak external demand and slowing domestic growth amid high interest rates.

Outbound shipments slumped 12.4% in June from a year earlier to $285.3 billion, extending a 7.5% decline from May, China's customs office reported on Thursday. This compares with a median forecast for a 9.5% drop in a Reuters poll of economists.