BEIJING: 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 exports and imports return to growth, signalling demand recovery
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.
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