According to the latest customs report on Friday, China’s exports increased more than expected in July.
Exports increased by 23.9% in July compared to the previous year, slowing down from June’s 27% jump, which was the quickest growth rate since October 2021.
Imports increased by 27.5% last month, slowing down from June’s 36% jump.
In the first seven months of this year, China’s exports of mechanical and electrical products made up over 60% of total shipments, according to customs data. This growth was fueled by strong demand for electric vehicles, lithium batteries, and wind power equipment. Additionally, exports of 3D printers and industrial robotics also saw rapid increases.
A global expansion of AI infrastructure has supported the world’s second-largest economy through a year of geopolitical shocks, maintaining growth even as domestic consumption remains subdued.
The trade surplus was $112.5 billion, surpassing analysts’ estimates of around $107 billion, and it decreased from $125.6 billion in June, customs data showed.
The customs report follows news that China’s economy in the second quarter grew at its slowest rate since the fourth quarter of 2022, with gross domestic product increasing by 4.3% from April to June.
Consumer inflation decreased to 1% in June from 1.2% in May, while factory-gate prices increased by 4.1%, marking the highest rise since July 2022.
By CEO NA Editorial Staff
