On Wednesday, July 10, the General Administration of Customs (GAC) released data showing that, in June, the total value of China’s imports and exports was two trillion yuan (US$0.3 trillion), down two percent from the same month last year. The decline in exports was as high as 3.1 percent. The data was beyond analysts’ expectations. Many expected China’s exports to grow at about four percent in June. Meanwhile the imports in June also fell by a lesser amount of 0.7 percent, indicating a weakness in China’s domestic demand.
Zheng Yuesheng, an official at GAC, worries about the severe challenges that China’s foreign trade faces. He predicted more difficulties in the second half. Zheng suggested that China needs to adjust the structure of its foreign trade to protect its products in the global market.
Source: BBC Chinese, July 10, 2013