China’s export growth edged up last month, according to official data released Wednesday, suggesting that trade tensions with the US have yet to take a significant effect on domestic demand for American products.
Exports grew 12.2% year-on-year in July from 11.2% the month before. Economists had expected a slowdown to 10.0% due to the impact from the tariffs on $34 billion of Chinese exports introduced at the beginning of the month by Washington.
Shipments to the US did drop slightly, although this effect was seen across developed countries. Stronger exports in emerging markets offset the losses, backed up by a weaker yuan.
Imports bounced back from their slump in June, growing 27.3% y/y from 14.1%. As analysts at Capital Economics point out, however, this may have been largely due to a weaker base from the same time last year and higher energy prices for factory inputs.
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