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, reports Reuters.
Exports rose 18% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, compared with a 17.9% increase in June and beating analysts’ expectations for a 15% gain.
Outbound shipments have been one of the few bright spots for the Chinese economy in 2022, as widespread lockdowns hit businesses and consumers hard and the once mighty property market lurches from crisis to crisis.