Double whammy
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China’s General Administration of Customs (GAC) released trade data for June on Thursday. The headlines:
Exports fell 12.4% y/y in dollar terms in June, compared with a 7.5% y/y fall in May. Imports dropped by 6.8% y/y last month, versus a 4.5% y/y fall in May. The trade surplus was USD 71 billion ...