|Girish Shetti |||Jul 14, 2016 07:54 AM EDT|
(Photo : Getty Images.) Official data showed on Wednesday that China’s export declined by nearly 4.8 percent in the month of June.
China's export declined steeply in the month of June as weak global demand and international economic uncertainties continue to affect the world's second largest economy.
According to official data released by the Chinese government, the country's export in last month fell by nearly 4.8 percent on year-on-year basis in dollar terms, while import declined by about 8.4 percent. However, the figures in Yuan terms are far more encouraging.
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In Yuan denomination terms, China's exports climbed nearly 1.3 percent on a yearly basis, and import went down by 2.3 percent, Reuters reported citing customs data.
The data revealed on Wednesday shows that China's export to many important markets dropped sharply in first half of 2016. Exports to the U.S., China's largest export market, fell by about 10 percent compared to same period last year. Exports to European Union (EU), another important market for China, dropped by nearly 4.4 percent.
Later this week, the Chinese government is set to release the country's latest GDP figures, according to Britain's Daily Telegraph. The figures are excepted to show that the Chinese economy is growing at its weakest pace since economic crisis started.
Most economists have pegged the growth rate at 6.6 percent, which is lower than the 6.7 percent registered in the first half of 2016. The weak GDP figures are expected to further dampen sentiments about the Chinese economy, which is witnessing its worst economic crisis in over two decades.
Several economic experts claim that the China is currently going through a transition phase, as it struggles to switch from a manufacturing-based economy to a consumption-based one.
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