Growth in China’s exports and imports misses estimates in July

Data from China’s General Administration of Customs showed that the growth in the country’s exports and imports weakened to 7.2% and 11%, respectively in dollar terms in July. China’s exports and imports had risen by 11.3% and 17.2%, respectively in June.

In addition, the latest readings also fell below expectations of economists which were calling for gains of 10.9% in exports and 16.6% in imports in a survey by Reuters.

The deceleration in the world’s second largest economy was attributed to weaker global and domestic demand, which was regarded as a sign of a possible slowdown in economic growth after a strong first half, reported some analysts.

The data also showed that China’s exports to the US climbed 8.5% in July on the year, the slowest pace since February, while imports from the U.S. rose 24%.