Chinese exports contracted year-on-year in June by the most since March 2020, with export volumes falling to a 6-month low. And with the global downturn in goods demand continuing to weigh on exports, we think exports will decline further for now before bottoming out towards the end of the year. In contrast, import volumes were little changed last month after reaching a 23-month high in May, and we expect them to pick up in the coming months.
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