July trade surplus surprises economists

China’s trade surplus rose 4% year-on-year in July, faster than economists had previously estimated, the South China Morning Post reported. Exports increased 26.9% to US$136.7 billion, while imports increased 33.7% to US$111.4 billion, up from 31% in June. In the first seven months of the year, exports rose 22.6%, while imports grew 31%, resulting in a trade surplus of US$123.72 billion, a 9.6% year-on-year decline. Economists attributed the rebound to pre-Olympics shipments, as factories attempted to fill orders before the games started.