China’s July exports rise 18% to $333 bn, with trade surplus at record high





China’s continued to rise in July, sending trade surplus to a record high, according to government data.


China’s exports grew 18% to $333 billion compared to the same period last year, and were up from 17.9% in June, according to data from China’s customs.


Imports, however, remained soft, growing 2.3% in July compared to a year ago. That was lower that economists’ estimates of 4%, and suggests weak domestic demand amid lockdowns across the country as China attempts to stem the outbreak of COVID-19.


China’s total trade surplus reached an all-time high of $101.3 billion in July, breaking the record set in June.


The country’s economy has rebounded from earlier in the year, when tough COVID-19 restrictions including a two-month lockdown in Shanghai and other measures across China disrupted manufacturing and logistics.


While manufacturing and supply chain issues have eased, recovery may be affected by fresh COVID-19 outbreaks, weak domestic demand and external uncertainties such as rising inflation in developed countries including Britain and the U.S.


The Monetary Fund in July predicted that China’s economy would grow 3.3% this year, below the ruling Communist Party’s target of 5.5% set in April.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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