China’s June trade data badly misses expectations

China’s exports contracted more than expected in June, hit by shrinking global demand and adding to concerns about the world’s second-largest economy.

The dollar value of China’s exports plunged 12.4% in June from a year ago, customs data showed Thursday. This is a far bigger drop than expectations for a 9.5% decline in a Reuters poll and the 7.5% annual decline in May.

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