That was itself a reduction from 2014’s goal of 7.5 per cent. In the event trade expanded only 3.4 per cent previous year, the third consecutive time the target had been missed.
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“With the economy stabilizing, the declines in prices of import goods will narrow, which will help overall imports”, spokesman Huang Songping said.
The latest data marks an improvement on the previous month; yuan-denominated exports slipped 2.5percent on year in May, while imports tumbled 17.9 percent. Meanwhile, it said overcapacity in the domestic economy is damping import demand.
BEIJING, July 13 (Reuters) – China’s coal imports slumped 33.7 percent in June from a year earlier to 16.6 million tonnes, as rising summer power use failed to drive a recovery in sluggish demand, customs data showed on Monday.
The totals left the country with a trade surplus of $46.54 billion for the month, the General Administration of Customs said on Monday, compared with a poll forecast of $55.7 billion.
China’s gross domestic product (GDP) expanded 7.4 per cent in 2014, the lowest rate in almost a quarter of a century, and signs of further weakness have mounted this year.
China’s headline GDP growth – to be released by the National Bureau of Statistics Wednesday – may have slowed to 6.8 per cent in the second quarter from 7 per cent in the first, according to a Bloomberg survey.
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They have also had to deal with weeks of volatility on stock exchanges, taking aggressive measures to stabilise the Shanghai index, which fell more than 30 per cent in less than four weeks before reversing course in the past three trading days.
