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China growth slowed for the second straight month in July
2012-10-3

China's export and import growth slowed for the second straight month in July.

 

Exports rose by 1% from a year earlier, down from 11.3% growth in June, amid slowing demand from key markets.
 
Meanwhile, imports rose by 4.7% compared with 6.3% in June, indicating that domestic demand was also slowing.
 
Analysts said the data was weaker-than-expected and may see Beijing introduce stimulus measures to spur growth.
 
"Trade data has come in dramatically below expectations - the worst export growth number (excluding Chinese New Year) since November 2009 - highlighting the risk that the external environment poses to an economy in the midst of a rapid internal slowdown," said Alistair Thornton of IHS Global Insight in Beijing.
 
"The government is likely to respond by ramping-up its stimulus efforts, with both monetary and fiscal guns firing."
 
'Distraught'
 
The data comes just a day after China reported that growth in industrial output fell to a three-year low in July.
 
Industrial production rose by 9.2% during the month, from a year earlier, down from 9.5% increase in June.
 
At the same time, growth in retail sales during the month also fell short of forecasts.
 
Analysts said that the weak data had raised concerns that the economy may be slowing faster than previously thought.
 
"Things really aren't going China's way," said IHS Global Insight's Mr Thornton.
 
"Those looking for signs of resilience in China's economic data were merely disappointed yesterday, but they are going to be distraught today."

 
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