China’s import levels collapsed in June. The data are another sign that raw materials needed for factories have dropped sharply due to lower demand, especially in Europe. China’s PMI was weak in the most recent reporting period. Inflation also rose only 2.2% year over year in June
The news raises a question about how quickly the Chinese economy has slowed and whether current GDP growth is well below 7%.
China’s trade surplus was $31.7 billion, but imports grew at a pace of only 6.3% in June compared to the same period last year. Exports rose 11.3%.
MarketWatch quoted a noted expert:
Piper Jaffray principal sales trader Andrew Sullivan said the data offered up a weaker picture of conditions within China and likely meant that economic data due out Friday would be weaker than forecast.
Douglas A. McIntyre
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
