July exports decline by 8.3%

China's exports declined more than expected in July, hobbled by a strong yuan and lower demand in the European Union, and adding pressure on the government to stabilize growth.

Overseas shipments fell by 8.3 percent from a year earlier, the customs administration revealed over the weekend. The reading was well below the estimate for a 1.5 percent decline in a Bloomberg survey and compared with an increase of 2.8 percent in June. Imports dropped 8.1 percent, widening from a 6.6 percent decrease in June, leaving a trade surplus of $43 billion.

Along with weak domestic investment, subdued global demand is putting China's 2015 growth target of about 7 percent at risk. The government has rolled out fresh pro-expansion measures, including special bond sales to finance construction, but has held off weakening the yuan as China seeks reserve-currency status for the yuan.