Chinese exports fell 3.1% year-over-year (YoY) in June, missing expectations for a 3.7% rise.
Meanwhile, imports fell 0.7% YoY, missing expectations for a 6% rise.
Trade balance also came in shy of expectations, widening to $27.1 billion.
This compares with a 1% rise in exports and 0.3% fall in imports in May.
Export growth was expected to stay muted because of a weak global economic environment, and the government crackdown on speculative Forex inflows. Meanwhile, domestic demand is expected to have weighed on import data.
“While trade data could be helped by the low base from a year ago, we believe the ongoing efforts by SAFE and General Customs to contain currency carry trade will likely weigh on reported growth rates,” writes Morgan Stanley’s Helen Qiao.
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