China reports imports, exports both fell in June in sign of growing economic weakness

BEIJING, China – China says imports and exports both fell abruptly in June. The statistics are a new sign of weakness in the world’s second-largest economy.

The government reported Wednesday that exports shrank by 3.1 per cent compared with a year earlier and imports contracted by 0.7 per cent. Both were below private sector forecasts of low single-digit growth.

China’s economic growth fell in the first quarter of this year and is expected to slow further due to weak global demand for its exports and an effort by the Chinese central bank to cool a credit boom.