Chinese exports fell by 3.1 percent last month compared with a year ago, to about $174bn. It was the biggest decline since October 2009. Analysts on average were expecting an increase of about 4 percent.

The June exports volume was down an even bigger 7.4 percent compared with the previous month, seasonally adjusted, and it hasn't fallen that much since January 2009, said Capital Economics. Chinese exports to the European Union fell most sharply, down 8.3 percent. Shipments to the U.S. and Japan were off more than 5 percent.

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