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Markets Open Mixed as China Reports Surprise Drop in Exports for June

July 10, 2013 9:35 AM EDT
U.S. markets are mixed in early trading following dire economic data out of China.

China's General Administration of Customs said that exports unexpectedly fell 3.1 percent in June, versus consensus estimates looking for a 3.7 percent gain in the month. Imports fell 0.7 percent, with the Street expecting a gain of 6 percent.

It was the first drop in exports since January 2012.

China has a trade surplus of $27.1 billion, flat with views.

Data reflects a recent move by the government to crack-down on fake invoicing, which was used to inflate previous numbers. Customs said that although the new regulation is showing the true commerce picture in China, a strong yuan and rising labor costs are hampering demand from international markets.

Export to the U.S. fell 5.4 percent last month, while overseas shipments to Europe dropped 8.3 percent.


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