Chinese July trade data nosedived considerably against expectations.

China released its trade data for July yielding unfavourable outcomes due to faltering demand, both globally and in the local market. The nation’s exports fell by 14.5% compared to the same period last year while imports were dragged down by 12.4%.

When compared to a Reuters poll, the gravity of the situation comes into perspective as Reuters predicted a 12.5% decline in exports and a 5% drop in imports. According to CNBC’s analysis of customs data, exports to the US sank by 23.1% yearly, and those to the EU descended by 20.6% while imports from Russia fell by 8.1%. 

Meanwhile, imports of crude oil in July alone dropped 20.8% from a year ago while imports of integrated circuits trickled down by almost 17%. On a year-to-date basis, Chinese exports for the first seven months fell by 5% from the previous year and imports tumbled by 7.6%

However, not all export sectors have been in the mud as there were healthy increases in the first seven months for categories such as cars, refined oils and bags, suitcases and such. For imports, paper pulp, coal products and edible vegetable oil, witnessed thriving growth in the first seven months compared to a year ago.