Overseas demand for goods from China is weakening as the global economy slows, warned a senior Chinese commerce ministry official, though the country still expects foreign trade to grow in the second half of this year.
“The slowdown in external demand is the biggest uncertainty faced by China’s trade,” said Vice Commerce Minister Wang Shouwen during a press conference Tuesday in Beijing. “Our companies are reporting falling orders, as the demand from major markets is declining.”
An export boom that has propelled China’s economy during the pandemic is showing signs of waning as soaring inflation and other headwinds elsewhere suppress global demand. Exports in US dollar terms expanded 7.1% last month, the weakest pace of growth since April when a lockdown in Shanghai disrupted ports and snarled trade.
Meanwhile, the cost of shipping goods from China has slumped to the lowest level in more than two years as the world…
