China’s foreign trade posted a mixed performance in July, with exports growing at the highest rate in seven months and imports returning to decline, according to official figures, reported Caixin.
Goods exports grew 7.2% year-on-year to $237.6 billion last month, up from 0.5% growth in June and the fastest expansion since December, according to data from the General Administration of Customs released on Friday. The reading beat the median forecast for a 1% rise in a Caixin survey of economists.
Some analysts said the jump in exports was driven by shipments of products related to the Covid-19 pandemic, such as medical supplies and products for working from home. In the January-July period, exports of medical devices jumped 47.3% year-on-year by value, up from a 41.4% rise in the first half-year.
“China further strengthened its role as the world’s factory since March, when manufacturing in other major industrial economies was severely hit by the pandemic,” economists at Nomura International (Hong Kong) Ltd. wrote in a note, adding that unprecedented fiscal stimulus and money printing in other major economies had bolstered their purchasing power.