The value of China’s exports in July increased by 18 percent. Imports were up 2.3 percent. July’s trade surplus for July was US$101 billion (680 billion yuan).
Exports exceeded expectations. The pandemic policy has been relaxed and production capacity has improved. Although the overseas manufacturing Purchasing Managers’ Index (PMI) points to a contraction in demand, exports continue to maintain fast growth.
Exports of agricultural products increased by 29 percent, footwear by 37.5 percent, and luggage by 41.3 percent.
Regarding the performance of imports, analysts said that import growth was low due to weak domestic demand and price factors.
In July, the amount of imported iron ore and concentrate, natural gas and crude oil increased by about half as much as in the same period last year.
