Chart of the Day: China’s Export Growth Beats Expectations
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China’s exports rose in July by 7.2% year-on-year in dollar terms, surpassing expectations, as strong growth in the European Union and emerging markets offset a drop in shipments to the U.S.
The figure, published Thursday by the General Administration of Customs (GAC), was up from June’s 5.9%, although it was lower than the levels seen earlier this year as merchants rushed to export goods on the eve of U.S. tariffs.
The export growth was uneven, with shipments of microchips and machinery rising, but those of labor-intensive goods like clothing and footwear falling.
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- China’s exports grew 7.2% year-on-year in July, driven by strong demand from the EU (up 9.3%) and emerging markets, despite a 22% drop in shipments to the U.S.
- Imports rose 4.1%, and the trade surplus narrowed to $98.2 billion from $115 billion the previous month.
- The U.S. and China extended their tariff truce by 90 days after high-level talks, stabilizing bilateral trade relations.
- Huatai Securities Co. Ltd.
- Researchers at Huatai Securities Co. Ltd. analyzed China's export performance, noting that its relative advantage among major import sources for the U.S. has increased despite global reciprocal tariffs. They also highlighted that while a broader decline in global trade volumes is a near-term risk, external demand remains resilient due to expected fiscal stimulus measures in major economies.
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