China’s exports continued to post solid growth in July, maintaining momentum despite mounting geopolitical and trade headwinds.The country’s exports rose by 23.9 per cent year on year to US$397.85 billion last month, according to Chinese customs data released on Friday. The reading was above a forecast of 22.88 per cent growth from economists polled by financial data provider Wind.China also saw imports grow by 27.5 per cent last month to US$285.35 billion, surpassing projections of 26.67 per cent growth in a Wind poll.That brought China’s trade surplus to US$112.5 billion last month, down from US$125.62 billion in June.China’s exports have remained resilient this year despite headwinds from the US-Israel war on Iran, supported by the global technology cycle and strong demand for renewable energy products amid the energy shock.But the country’s swelling trade surplus has intensified pushback from the West, prompting the European Union and the United States to threaten or impose measures targeting what they describe as China’s industrial overcapacity – an accusation Beijing rejects.
China’s trade surplus narrows in July as exports hold firm in strong tech cycle
Import and export growth readings beat economists’ forecasts, driven by higher chip prices and a jump in tech shipments.
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