AND THIS TIME THERE ARE NO COVID LOCKDOWNS TO BLAME: China’s exports record biggest decline in more than 3 years.

China’s exports to the U.S. plunged by 24% in June to $42.7 billion from a year ago, while imports fell 4% to nearly $14 billion, according to CNBC calculations of official data accessed via Wind Information.

China’s exports to the 10-member ASEAN bloc fell by 17% to $43.3 billion in June from a year ago, while imports fell by 4% to $34.1 billion, the data showed.

China’s trade with “Belt and Road” countries slowed to 9.8% growth in the first six months of the year from a year ago, down from a 13.2% pace in the first five months of the year, official data showed.

Previously: “People talk about ‘deglobalization,’ but the proper term is ‘reglobalization minus China.’”