China's June exports fell more than expected, while imports also saw a steeper fall than forecast, in a sign that the mainland's factory floors continued to slow.
In June, exports fell 4.8 percent year-on-year percent, while imports declined 8.4 percent, percent, in U.S. dollar terms. In yuan terms, exports rose 1.3 percent from a year ago, while imports declined 2.3 percent, according to Reuters, which cited customs data.
That compared with May exports in dollar-denominated terms tanking 4.1 percent on-year, more than double April's 1.8 percent fall, while imports edged down 0.4 percent, compared with April's 10.9 percent drop, according to Reuters reports.
In yuan terms, May trade data showed exports rose 1.2 percent on-year and imports were 5.1 percent higher.
Analysts were downbeat on the June data.
"The picture that emerges continues one of slow global demand and only moderate demand in China," Patrick Bennett, a strategist at CIBC Capital Markets, said in a note Wednesday.
The yuan-denominated figures were likely inflated by authorities' apparent willingness to let the currency weaken against the U.S. dollar. On Tuesday, the People's Bank of China's (PBOC) set the dollar-yuan fix at 6.6950, or a five-year low for the Chinese currency, although it walked that back a tad on Wednesday, setting the fix at 6.6891. The spot currency is allowed to move 2 percent in either direction from the fix level during daily trade.