China’s exports rose faster than expected in July, defying expectations that falling global demand would weigh on trade and providing support to an economy struggling with sporadic outbreaks of Covid and problems in the property market.
According to Bloomberg, dollar-denominated exports rose 18 percent last month from a year earlier to $332.96 billion, the General Administration of Customs announced today. That beat the average estimate for a 14.1 percent increase in a Bloomberg survey of economists and compared with a 17.9 percent increase in June.
Imports rose 2.3 percent, compared with a 1 percent rise in June, below the average estimate of a 4 percent rise, and left a wider trade surplus of $101.26 billion last month, the data showed.
“China’s export growth surprised to the upside again. Strong export growth continues to help China’s economy in a difficult year as domestic demand remains subdued,” said Zhang Zhiwei, president and chief economist at Pinpoint Asset Management.
“Surprisingly strong export growth is helping boost confidence in the RMB exchange rate, which in turn is helping to stem capital outflows.”
Source: Capital
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