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Troubled Chinese Economy Suffers Worst Export Slump Since Pandemic
China better hope the rest of the world dodges a recession.
A set of unfortunate export figures released on Thursday showed shipments abroad slumped more than 12% in June, with double-digit declines for pretty much all major trade partners.
The YoY drop in exports was the largest since the onset of the pandemic. If global demand falters going forward (as the impact of rate hikes bites on a lag, for example), the read-through for China's already hobbled export machine could be poor indeed.
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Excellent point Mr H: “Hitting back at US entails export restrictions” which they can ill afford. How much of their disinflation/deflation can they export to US ??