China exports dip in June

Beijing - China's exports fell 3.1% year-on-year (y/y) in June with imports also declining, the government said on Wednesday, in the latest signs of slowing growth in the world's second-largest economy.

The government recorded exports valued at $174.32bn in June and imports worth $147.19bn, down 0.7% y/y, the General Administration of Customs said.

The fall in monthly exports was the first negative figure since January 2012.

China's total foreign trade grew to almost $2trn in the first six months of this year, up 8.6% y/y, the administration said.

China's annual economic growth slipped from 9.3% in 2011 to 7.8% last year, the slowest expansion since 1999.

The government set targets of 8% for trade growth and 7.5% for growth in gross domestic product this year as it aims to rebalance the world's second-largest economy away from its long reliance on exports and investment in infrastructure.