China’s exports growth slows to 3-month low in July, but imports up solidly
CHINA’S exports climbed 7.0 per cent in July from year earlier, a slower pace of growth than in June and the weakest since April, but imports rose at robust 7.2 per cent rate, customs data showed on Wednesday.
That compares with forecasts for 9.7 per cent growth in exports and a 3.5 per cent increase in imports from a Reuters poll of economists. In June, exports rose 8.6 per cent while imports contracted 2.3 per cent.
July’s imports growth was the fastest in three months.
The world’s second-largest economy has struggled to gain momentum despite government efforts to stimulate domestic demand following the pandemic. A protracted property slump and fears about job security have dragged heavily on consumer confidence.
China’s trade surplus narrowed to US$84.65 billion in July, compared with the US$99 billion forecast and US$99.05 billion recorded in June.
The United States has repeatedly highlighted the surplus as evidence of trade advantages enjoyed by Chinese firms. China’s economy grew 4.7 per cent in the second quarter, below expectations, keeping alive calls for policymakers to roll out more support to hit the government’s full-year growth target of around 5 per cent.
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Chinese leaders pledged last week that the stimulus measures will be directed at consumers and the country will make “countercyclical adjustments” during the rest of 2024. REUTERS
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