Imports tumbled 12.4%, customs data showed Tuesday, in a blow to global exporters that look to China as one of the biggest markets for industrial materials, food and consumer goods
Exports fell to $281.8 billion as the decline accelerated from June’s 12.4% fall. Imports sank to $201.2 billion, widening from the previous month’s 6.8% contraction.Chinese leaders are trying to shore up business and consumer activity after a rebound following the end of virus controls in December fizzled out earlier than expected.
The export contraction was the biggest since the start of the COVID-19 pandemic in 2020, according to Capital Economics. It said the decline was due mostly to lower prices, while volumes of goods were above pre-pandemic levels. “Domestic demand continues to deteriorate,” said David Chao of Invesco in a report. “Policymakers have pledged further policy support, which could buoy household spending and lead to an improvement in import growth for the coming few months.”
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Poland detects leak in Russia’s Druzhba oil pipeline, expects flows to resume TuesdayPolish pipeline operator said it had halted pumping through a section of the Druzhba pipeline, which carries oil from Russia to Europe
Read more »
Partial LRT service to resume Tuesday from Tunney's Pasture to uOttawaOttawa transit riders will be back on part of the LRT line starting Tuesday as work continues to restore service to the full line after more than three weeks.
Read more »
LRT: Partial Line 1 service to resume Tuesday morning\u0022We are experiencing issues right now. But it\u0027s not a case that we need to eliminate those curves.\u0022
Read more »
Partial LRT service to resume Tuesday morning\u0022We are experiencing issues right now. But it\u0027s not a case that we need to eliminate those curves.\u0022
Read more »
Tuesday morning update; clouds now, sunshine later!Tuesday morning has started off on the cloudy, and even drizzly side, for many areas of the Province. The webcam images below from across Newfoundland and Labrador illustrate the point rather well. As we move throughout the morning and into the afternoon, the general trend in the cloud cover should be a decreasing one. In […]
Read more »