Belfast Telegraph

Home News World

Figures show drop in import growth

China's exports grew strongly in July but import growth fell as the country's rapid economic expansion cooled, possibly hurting global demand.

Exports rose 38.1% over a year ago to 145.5 billion US dollars while imports gained 22.7% to 116.8 billion US dollars, the National Bureau of Statistics has said.

Export growth was above June's 35.2% rate but the rise in imports was down sharply from June's stunning 53% expansion.

Weakness in China's demand for imports could dent its ability to help to drive a global recovery amid Europe's debt crisis and slack sales elsewhere.

China's voracious appetite for imports eased as Beijing clamped down on a boom in bank lending and construction.

Economic growth slowed from the first quarter's 11.9% to 10.3% in the second quarter.

Global commodity prices fell as surging Chinese demand eased. Mining and other companies that enjoyed a windfall from China's boom warned their explosive sales growth will slow.

Popular

From Belfast Telegraph