China’s exports in July were lower than expected, imports rebounded | Wilnesh News

BEIJING – China’s imports grew faster than expected in July, while exports grew less than expected, customs data released on Wednesday showed.

A Reuters survey showed that July exports in dollar terms increased by 7% year-on-year, below expectations of 9.7%. July’s growth rate was also lower than June’s 8.6% growth rate.

The survey showed that U.S. dollar-denominated imports grew 7.2% in July, far exceeding expectations of 3.5%.

According to CNBC calculations of official data, China’s imports from the United States increased by 24% year-on-year in July. China’s imports from ASEAN increased by 11%, and imports from the EU increased by 7%.

Since the beginning of the year, China’s imports from the United States have continued to decline, down 1.4%, while exports have increased by 2.4%.

In July, China’s U.S. dollar exports to the United States and the European Union increased by about 8% year-on-year, and U.S. dollar exports to ASEAN increased by 12%. ASEAN has become China’s largest trading partner so far.

In U.S. dollar terms, China’s exports to Russia fell by 3%, while imports increased by 5%.

China’s automobile export volume increased by 26% year-on-year to 553,000 units. Exports of household appliances increased by 17%, and exports of smartphones also increased. Rare earth exports fell 19%.

China’s crude oil imports increased by 8%, and natural gas imports increased by 6%.

In RMB terms, export growth also slowed down from June to an annual increase of 6.5% in July. Imports denominated in yuan rose 6.6% in July, up from a 0.6% decline in June.

In June, imports unexpectedly fell as domestic demand remained weak. Exports remain one of the bright spots of China’s economy, weighed down by sluggish real estate and consumer spending.

China’s economy grew by 5% in the first half of the year, but retail sales growth slowed to 2% in June, raising doubts about whether the full-year GDP target can be achieved.

When asked last week about a stimulus package for the second half of the year, Chinese officials affirmed existing measures and emphasized long-term goals of developing advanced technologies and other “new growth drivers.”

An official from the National Development and Reform Commission, China’s economic planning agency, pointed out that the economy faces challenges from both the external environment and structural transformation, “which are pains that must be experienced in the process of promoting high-quality development.” This is based on CNBC’s translation of Chinese remarks.