China’s exports report biggest drop of 14.5% in July

China continues to witness downfall in its exports for the third consecutive month in July, as its foreign market fell by 14.5 percent year-on-year last month, customs data showed on Tuesday.

The figure was lower than the consensus estimates of a 12.5 percent decrease. While, the imports contracted 12.4 percent against projections of a 5.0 percent decline, according to Reuters poll of economists.

“The weak trade figures highlighted the sluggish external demand, while (importers) refrained from purchasing goods for domestic production and investment,” Ken Cheung Kin Tai, an analyst at Mizuho Bank, wrote in a note.