China's export growth hit 3-month low in July, imports show a solid increase

Posted on August 14, 2024   |  

China's export growth in July slowed to its lowest rate in three months, rising by 7.0%, below expectations and slower than June's 8.6% increase.

Imports in July saw a strong rebound, growing by 7.2% after a 2.3% decline in June, and exceeded forecasts of a 3.5% rise.

China's trade surplus narrowed to $84.65 billion in July, down from $99.05 billion in June and missing the expected $99 billion, adding concerns about the country's manufacturing outlook.

The Chinese economy grew by 4.7% in the second quarter, which fell short of expectations and led to calls for more government support to reach the 2024 growth target of around 5%.

Despite efforts to boost domestic demand after the pandemic, China's economy has struggled to gain momentum.

The U.S. continues to highlight China's trade surplus as evidence of the advantages Chinese companies hold in global trade.

Chinese leaders have committed to focusing stimulus measures on consumers and plan to make economic adjustments for the rest of 2024.