China's exports and imports plummet in June, sparking economic concerns

China's exports declined 12.4% in June compared to the previous year, marking the largest drop since early 2020.
Imports also fell 6.8% in June as both foreign and domestic demand weakened amid high inflation and supply chain issues.
The declines exceeded economist expectations and added pressure on China's economy, which is already facing COVID-19 recovery challenges.
Reasons for the export/import drop include global inflation, weaker consumer demand, geopolitical tensions, and struggling Chinese manufacturing activity.
Analysts say the trade weakness creates downward pressure on China's economy and prompts calls for more stimulus measures.