China exports fall for ninth consecutive month

Weak global demand caused China’s exports to fall for the ninth month in a row in July, by 23% year-on-year, Bloomberg reported. It was a steeper decline than the 21.4% drop reported in June. Experts predict demand will increase by the end of the year as consumers overcome the worst uncertainties of the recession. Imports fell 14.9% from July last year, after having fallen 13.2% year-on-year in June. As a result, the trade surplus increased to US$10.6 billion in July from US$8.25 billion in June. Beijing’s stimulus helped GDP to grow 7.9% in the second quarter, prompting Goldman Sachs to raise its forecast for China’s economic growth this year to 9.4%.