China July exports surprise, rise 3.3%; imports fall 5.6%

[BEIJING] China's exports unexpectedly rose in July, growing 3.3 per cent from a year earlier, customs data showed on Thursday, despite mounting US trade pressure.

Analysts polled by Reuters had expected exports would fall 2.0 per cent, after a 1.3 per cent decline in June.

Imports in July fell 5.6 per cent from a year earlier, less than a predicted fall of 8.3 per cent and moderating from a 7.3 per cent drop in June.

That left China with a trade surplus of US$45.06 billion in July, compared with a US$50.98 billion surplus in June. Analysts had forecast US$40 billion.

The United States sharply raised tariffs on some Chinese imports in May and Beijing retaliated, escalating a year-long trade war between the world's largest economies.

President Donald Trump stunned financial markets last week by vowing to impose even more levies from Sept 1, which would extend tariffs to nearly all of the Chinese goods the US imports. Days later, China let the yuan currency fall sharply.

REUTERS