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Plunging Chinese Trade Data Rattles Global South Stocks and Currencies

From Chile to South Africa to the Philippines, stock markets across the developing world fell sharply on Tuesday after Chinese customs authorities released worse-than-expected trade data.

Chinese exports plunged 14.5% in July compared to the same time last year, the worst decline since 2020. Imports, much of which includes raw materials from Global South countries, didn’t fare much better, contracting 12.4% year-on-year.

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