China's export growth slowed significantly in July, the latest figures from the General Administration of Customs showed Friday.
Exports grew just 1 percent year-on-year in July, decelerating from 11.3 percent growth reported in June. Economists had forecast a relatively modest slowdown to 8 percent.
Imports also slowed in July. Overseas purchases increase at a pace of 4.7 percent year-on-year compared to 6.3 percent rise in June. Economists expected import growth to pick up to a rate of 7 percent.
The trade balance was in a surplus of $25.15 billion, down from June's $31.72 billion. This was expected to rise to $35.05 billion.
by RTT Staff Writer
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