China July exports rise, with trade surplus at record-high

Beijing, Aug. 8 (BNA): China’s export growth continued its rally in July, bringing the trade surplus to a record high, according to government data.

China’s exports grew 18% to $333 billion compared to the same period last year, up from 17.9% in June, according to data from Chinese customs, the Associated Press (AP) reported.

However, imports remained weak, growing 2.3% in July compared to a year ago. That was below economists’ estimates of 4%, and points to weak domestic demand amid nationwide lockdowns as China tries to stem the COVID-19 outbreak.

China’s total trade surplus hit an all-time high of $101.3 billion in July, breaking the record set in June.

The country’s economy has bounced back from earlier in the year, when strict COVID-19 restrictions, including a two-month lockdown in Shanghai and other measures across China, disrupted manufacturing and logistics.

While manufacturing and supply chain issues have eased, the recovery could be affected by the novel coronavirus outbreak, weak domestic demand and external uncertainties such as rising inflation in developed countries including Britain and the United States.

The International Monetary Fund projected in July that China’s economy would grow 3.3% this year, below the ruling Communist Party’s target of 5.5% set in April.

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