China’s exports rose 18.0 per cent in July from a year earlier, the fastest pace this year
China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-induced slump, but weakening global demand could start to drag on shipments in coming months.
However, many analysts have expected exports to fade as the global economy looks increasingly likely to be heading into a serious slowdown, weighed down by soaring prices and rising interest rates. Foreign trade container throughput at eight major Chinese ports rose 14.5 per cent in July, speeding up from the 8.4 per cent gain in June, according to data released by the domestic port association.July exports may also have been buoyed by pent-up demand from Southeast Asia as supply snarls eased and factories there ramped up production, Bruce Pang, chief economist and head of research at Jones Lang Lasalle Inc, said in a research note.
“If retaliatory tariffs like those in the Trump-era happened again, it would deal a blow to our businesses,” Jin said, adding the exports value of his company jumped 70-80 per cent in July year-on-year. The volume of imported integrated circuits – a major Chinese import – dropped 19.6 per cent in July from a year earlier, according to Reuters’ calculations.
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