China’s exports shrink by 12.4% in June

China’s exports plunged by 12.4 percent in June, hit by shrinking global demand and rising concerns over the world’s second-largest economy, customs data showed on Thursday.

Imports fell 6.8 percent in June from last year, also worse than expectations for a 4 percent decline and a 4.5 percent annual decline in May. While, the exports edged up slightly from the month before, totalling $285.3 billion.

The volume of bilateral trade between China and Russia rose in June to the highest level since the Ukraine war, at a time when the two countries said their relations had reached a new high, the report added.

The value of bilateral trade rose to $20.83 billion in June to hit its highest level since February 2022, despite slowing global demand and rising geopolitical risks, according to the report.