Comments from China Customs office:

  • China economy faces downward pressure
  • Yuan appreciation increases exporters' costs
  • Weak exports in H1 due to weak external demand, rising labour costs and yuan appreciation

  • Overcapacity problem in domestic economy damping import demand

  • Expects H22 trade performance to be better than H1

  • Hard to forecast the full impact of the Greek debt crisis on China trade at the moment