China exports surprisingly fell 3.1% in June from a year earlier, compared with the median analysts’ estimate of a 3.7% gain, according to Bloomberg. The drop in June follows an only moderate 1% gain in May, a 10-month low, down from 14.7% in April. The decline in overseas shipments is underscoring the slowdown in the world’s second-biggest economy.
At the same time, imports fell 0.7%. Economists had anticipated imports to advance 6% in June after a 0.3% drop a month earlier. The median analysts’ estimate was for 3.7% export growth and 6% import gains. The trade balance surplus expanded to $27.12bn from $20.43bn in May, the General Administration of Customs reported.