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.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More
by Eric Olander

Most Read

1
Developing Countries’ Debt Servicing Costs to China Are Significant, but Nowhere Near as Much as Other Creditors
2 Chinese Military Fans Discuss Why Indonesia Bought Rafale Instead of J-10C
3
Chinese Cargo Planes Secretly Ferrying Supplies to Iran, Claim Online Sleuths
4
Indonesia Goes Nuclear, Taps China and Russia for Modular Reactors
5
Indonesia Begins $5.9 Billion Chinese EV Battery Project Despite Environment Fears
6 Trump’s Contradictory Iran Strategy Leaves U.S. Weaker After War’s End, Says Chinese Commentator

You Might Like

New Chinese Trade Data Reveals Growing Importance of Global South Amid Mounting Tensions With U.S., EU

China registered a record $99 billion trade surplus in June, adding to concerns that Beijing is leaning on exports to try and pull itself out of an economic slump. While the flood of ...

Subsidies and the False Promise of Fair Trade

Towards the end of our discussion last week with Walter Ruigu, managing director of the Beijing-based trading and logistics company CAMAL Group, on the China in Africa Podcast, he shared ...

Could the Yuan Replace the Dollar in Saudi Arabia’s Oil Sales to China? Probably Not, But it’s Possible, Says S&P

It wasn’t that long ago it would be inconceivable to suggest that Saudi Arabia would switch from the U.S. dollar to the Chinese yuan to settle oil transactions with Chinese buyers. While most ...

China Floats Ideas for “Multipolar” Currency System to Balance U.S. Dollar

China announced several new initiatives aimed at increasing global trade in the yuan and to hedge against the dominance of the U.S. dollar. Pan Gongsheng, the governor of the People’s Bank of China, ...

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

More about CGSP