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07-08-2022, 09:41 PM
https://finance.yahoo.com/news/china-exp...59476.html
China’s Trade Surplus at Record as Exports Beat Expectations
China’s trade surplus rose to a record as exports grew faster than expected, easing some concerns over waning global demand and providing support for an economy battling sporadic Covid outbreaks and property woes.
The nation’s trade balance climbed to about $101 billion in July, surpassing the previous record set in June, according to government figures released Sunday. That’s the highest in data compiled since 1987. Exports in dollar terms grew 18% from a year earlier, beating economists’ estimates for a 14.1% gain.
“The strong export growth continues to help China’s economy in a difficult year as domestic demand remains sluggish,” said Zhang Zhiwei, president and chief economist at Pinpoint Asset Management. Robust growth boosts confidence in the yuan exchange rate, which helps deter capital outflows, he said.
China’s imports rose by 2.3%, compared with a 1% gain in June. That was lower than the median estimate for an increase of 4%, indicating weak domestic demand. Inbound shipments of commodities including soybeans, natural gas and copper declined on a monthly basis. Crude imports climbed, however.
China’s Trade Surplus at Record as Exports Beat Expectations
China’s trade surplus rose to a record as exports grew faster than expected, easing some concerns over waning global demand and providing support for an economy battling sporadic Covid outbreaks and property woes.
The nation’s trade balance climbed to about $101 billion in July, surpassing the previous record set in June, according to government figures released Sunday. That’s the highest in data compiled since 1987. Exports in dollar terms grew 18% from a year earlier, beating economists’ estimates for a 14.1% gain.
“The strong export growth continues to help China’s economy in a difficult year as domestic demand remains sluggish,” said Zhang Zhiwei, president and chief economist at Pinpoint Asset Management. Robust growth boosts confidence in the yuan exchange rate, which helps deter capital outflows, he said.
China’s imports rose by 2.3%, compared with a 1% gain in June. That was lower than the median estimate for an increase of 4%, indicating weak domestic demand. Inbound shipments of commodities including soybeans, natural gas and copper declined on a monthly basis. Crude imports climbed, however.
