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BEIJING (AP) — China’s exports plunged 14.5% in July compared with a year ago, adding to pressure on the ruling Communist Party to reverse an economic slump.
Exports fell to $281.8 billion as the decline widened from June’s 12.4% fall, customs data showed Tuesday. Imports fell 12.4% to $201.2 billion in a sign of weak domestic demand, widening from the previous month’s 6.8% loss.
The country's global trade surplus narrowed by 20.4% from a record high a year ago to $80.6 billion.
Chinese leaders are under pressure to shore up business and consumer activity after the world’s second-largest economy grew by only 0.8% in the second quarter of 2023 from the previous three-month period.
The ruling party has promised measures to support entrepreneurs and to encourage home purchases and consumer spending but hasn’t announced large-scale stimulus spending or tax cuts.