China's foreign trade registered a decrease of 8.8 percent to 2.12 trillion yuan in July from the same period last year, and a 7.3 percent drop year on year to 13.63 trillion yuan in the first seven months of 2015, according to the latest data from the General Administration of Customs (GAC).
The global economy is in profound adjustment as it was dragged down by sluggish recovery, depressed trade and lowered demand in both the developed and emerging economies, according to analysts.
Since the beginning of this year, China has experienced a decline in exports to the EU and Japan, though maintained a growth to the United States and the Association of Southeast Asian Nations (ASEAN).
In the January-July period, its trade with the EU and Japan dropped 7.6 percent and 11.1 percent while trade with the U.S. and ASEAN climbed by 2.7 percent and 1.3 percent respectively.
Anemic external demand was the main factor hindering the growth of China’s foreign trade, said GAC spokesperson Huang Songping. But he predicted that China will secure a better performance of foreign trade in the second half of this year.
Li Jian, director of Foreign Trade Department, Ministry of Commerce, said feeble external and domestic demand had not been fundamentally addressed, so more efforts should be made to maintain stable growth of foreign trade.