China’s exports miss expectations in July, while imports pick up with growth of 7.2%
BEIJING — China’s imports grew faster-than-expected in July, while export growth came in below forecasts, according to customs data released Wednesday.
Exports in U.S. dollar terms rose by 7% in July from a year ago, missing expectations for a 9.7% increase, according to a Reuters poll. The July figure was also slower than 8.6% growth in June.
U.S. dollar-denominated imports rose in July by 7.2%, far more than the forecast of 3.5%, according to the poll.
China’s imports from the U.S. surged by 24% year-on-year in July, according to CNBC calculations of official data. China’s imports from the Association of Southeast Asian Nations rose by 11%, while those from the European Union climbed by 7%.
On a year-to-date basis, China’s imports from the U.S. remained down, with a drop of 1.4%, while exports were up by 2.4%.
China’s U.S. dollar exports to the U.S. and European Union each grew by about 8% year-on-year in July, while those to the Association of Southeast Asian Nations surged by 12%, making the region China’s largest trading partner by far.