CHINESE exports rose in July, growing 3
CHINESE exports rose in July, growing 3.3 per cent year on year, according to Chinese Customs data, bouncing back from a 1.3 per cent decline in June, reported London's Financial Times. Chinese imports fell 5.6 per cent in July, reflecting continued weakness in investment in infrastructure and housing in the world's second-largest economy, which is the key driver of global demand for commodities, said the FT, but the decline was less than the 7.3 per cent drop that took place in June.
China's imports of US goods fell 19 per cent in July from a year ago, while its exports to the US fell 6.5 per cent, resulting in a $27.97 billion trade surplus. However, the rising trend in China's exports to non-US markets may act as a cushion, said Betty Wang, a China economist at Australian bank ANZ.
July's export growth, though relatively weak by Chinese standards, reflected the fact that exports to the US make up a relatively small portion of China's trade, while its trading relations with developing countries had become more significant, Ms Wang said.
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