China's trade growth weakens amid economic slump

China's trade growth plunged in June, hurt by weak US and European demand and a Chinese slowdown, with a potential impact on economies as far-flung as Africa and Australia.

Import growth fell by half from May's level to 6.3 per cent, data showed Tuesday, as factories facing weak foreign orders cut purchases of raw materials and domestic demand softened despite stimulus efforts. Export growth declined to 11.3 per cent from May's 15.3 per cent.

``The import slowdown was greater than expected,'' said Moody's Analytics economist Alaistair Chan in a report. As for foreign demand, ``it is increasingly clear that exports will not be much of a boost to China's economy for some time.''

Read Full Article from Economic Times

- Posted: 2012-07-10 12:59:37

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