China exports slumped 12.4% in June from a year earlier as global demand weakened

By ZEN SOO
AP Business Writer

HONG KONG (AP) — China has reported its exports tumbled 12.4% in June from a year earlier as demand weakened after central banks raised interest rates to curb inflation. Customs data released Thursday showed imports slid 6.8%. Trade weakness adds to downward pressure on the world’s second-largest economy. Global consumer demand has weakened after the Federal Reserve and central banks in Europe and Asia raised interest rates to bring inflation down from near multi-decade highs by reining in business and consumer activity. In January-June, China’s total trade including imports and exports fell nearly 5% from a year earlier. Exports slipped 3.2% and imports declined 6.7% as prices of commodities like oil fell and demand inside China also faltered.