BEIJING (AP) – China’s trade growth weakened in July in a negative sign for growth in the world’s second-largest economy and global demand.
Exports rose 7.2 percent from a year earlier to $193.6 billion, down from June’s 11.3 percent growth, according to customs data released Tuesday. Imports rose 11 percent to $146.9 billion, down from the previous month’s 17.2 percent.
Forecasters have warned Chinese economic growth will cool this year, dampening demand for foreign goods, as controls imposed on bank lending to slow a rise in debt take hold.
“Trade growth now appears to be on a downward trend,” said Julian Evans-Pritchard of Capital Economics in a report.
The International Monetary Fund expects this year’s economic growth to slip to 6.6 percent from last year’s 6.7 percent and to below 6.2 percent in 2018.