China's July exports fall 14.5% y/y, imports down 12.4%

China's exports fell 14.5% in July year-on-year, while imports contracted 12.4%, customs data showed on Tuesday, in the worst showing for outbound shipments from the world's second-largest economy since February 2020.

A Reuters poll of economists had forecast a 12.5% fall in exports and a 5.0% drop in imports.

China's economy grew at a sluggish pace in the second quarter as demand weakened at home and abroad, prompting top leaders to promise further policy support at a meeting of the Politburo last month.