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China's import and export growth slowed in July, as rapid economic expansion cooled. That's according to the latest figures released by the General Administration of Customs.
China's exports rose just over 38% year on year to 145.5 billion US dollars in July, but the growth rate was down by almost 6% from June. Customs' officials say the growth rate is still faster than the global trade growth, and the country's export volume is still a record high.
The pace of import growth slowed down in July with an 11% drop compared to June. This led to an expanding trade surplus in July. Analysts say the results aren't a surprise.
Huang Guohua, Analyst Department, General Adiministration of Customs, said, "As the country takes measures to curb its over-heated economy, domestic economic growth is slowing down, which has lead to slower demand for imports.
Also, some enterprises wanted to spent less money on imported products to cut their cost, so the lower price of imported goods also pulled the growth rate down."
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