China’s trade growth weaken in July in a negative sign

Vastavam web: 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 per cent from a year earlier to USD 193.6 billion, down from June’s 11.3 per cent growth, according to customs data released today.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.Export growth was unexpectedly strong in the first half of the year, a positive sign for Chinese leaders who want to avoid job losses in trade-related industries.China has been credited with helping to support global demand and the downturn in import growth could have repercussions for suppliers for which this country is a major market.The surplus with the United States rose 2 per cent to USD 25.2 billion. US President Donald Trump said in April he would temporarily set aside trade and currency disputes with Beijing while the two governments cooperated on North Korea, but American officials more recently have resumed criticizing Chinese trade policy.