China’s exports growth slows to 3-month low in July, but imports up solidly
By Liz Lee and Ellen Zhang
BEIJING (Reuters) – China’s exports climbed 7.0% 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% rate, customs data showed on Wednesday.
That compares with forecasts for 9.7% growth in exports and a 3.5% increase in imports from a Reuters poll of economists. In June, exports rose 8.6% while imports contracted 2.3%.
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 $84.65 billion in July, compared with the $99 billion forecast and $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% 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%.
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.
