China July exports rise, with trade surplus at record high
BEIJING (AP) — China’s export growth continued to rise in July, sending trade surplus to a record high, according to government data.
China’s exports grew 18 per cent to $333 billion compared to the same period last year, and were up from 17.9 per cent in June, according to data from China’s customs.
Imports, however, remained soft, growing 2.3 per cent in July compared to a year ago. That was lower that economists’ estimates of 4per cent, 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 US.
The International Monetary Fund in July predicted that China’s economy would grow 3.3 per cent this year, below the ruling Communist Party’s target of 5.5 per cent set in April.