Chinese exports rose in July, growing 3.3% year-on-year, according to Chinese customs data, bouncing back from a 1.3% decline in June, reported the Financial Times.
Chinese imports fell 5.6% in July, reflecting continued weakness in investment in infrastructure and housing in the world’s second-largest economy, which is the key driver of global demand for commodities, said the FT, but the decline was less than the 7.3% drop that took place in June.
China’s imports of US goods fell 19% in July from a year ago, while its exports to the US fell 6.5%, resulting in a $27.97 billion trade surplus. However, the rising trend in China’s exports to non-US markets may act as a cushion, said Betty Wang, a China economist at Australian bank ANZ.
July’s export growth, though relatively weak by Chinese standards, reflected the fact that exports to the US make up a relatively small portion of China’s trade, while its trading relations with developing countries had become more significant, added Wang.