China Customs office comments on the trade balance - ... 'weak external demand'

Comments from China Customs office:

• China economy faces downward pressure
• Yuan appreciation increases exporters' costs
• Weak exports in H1 due to weak external demand, rising labour costs and yuan appreciation

• Overcapacity problem in domestic economy damping import demand

• Expects H22 trade performance to be better than H1

• Hard to forecast the full impact of the Greek debt crisis on China trade at the moment