China’s exports dropped by 12.4% in USD terms YoY in June, marking the second consecutive month of decline and the highest drop since early 2020, while Imports declined by 6.8%, resulting in a trade surplus of USD 70.6 bln for the month. Given the slowdown in global growth and the inclination of many central banks to raise interest rates to control inflation, foreign demand for Chinese goods seems unlikely to bolster the world’s second-largest economy as its rebound weakens.