China notches steady export growth in July as imports surge

AFP, Beijing :

China’s exports grew slightly slower than expected in July while imports surged, official figures showed Wednesday, as the world’s second-largest economy charts an uneven recovery.

Overseas shipments expanded 7.0 percent on-year last month, according to China’s General Administration of Customs.

That compares with the 8.6 percent increase recorded the month before and short of the 9.5 percent forecast in a Bloomberg survey of analysts.

Beijing is seeking to achieve annual national growth of around five percent this year, a target considered ambitious by many observers.

Exports have historically served as an important engine for economic activity in China.

And they have now expanded for four consecutive months, following a year-on-year decline of 7.5 percent in March.

However, imports jumped 7.2 percent in July, more than twice as much as expected and after a surprise drop in June.

Since China’s abrupt scrapping of stringent Covid control measures in late 2022, an anticipated return to economic vitality has proven elusive.