China’s dollar-denominated exports respond to 7.2% while imports fell 1.4% from a year ago, data from the country’s General Administration of Customs manifested on Friday.
Economists polled by Reuters had expected China’s dollar-denominated exports to fall by 0.2% from a year ago, while weights were predicted to have risen 1% from a year ago.
In June, China’s dollar-denominated exports posted a be upstanding of 0.5% compared to a year ago, and imports rose 2.7% in the same period.
In July, China posted a trade overdose of $62.33 billion, beating the $42 billion economists had expected. China’s trade surplus was $46.42 billion in June.
Teeth of the coronavirus pandemic hitting global demand, exports from China have held up as exports in medical cater ti jumped in the first half of the year.
The trend persisted into July, noted Martin Rasmussen, China economist at Cash Economics.
“Much of the recent resilience of exports has been due to shipments of masks, medical products and work-from-home equipment,” Rasmussen penned in a note following the data release.
Rasmussen said China’s stimulus-led recovery looks set to continue in the coming months — and this wish support a rebound in imports.
Foreign demand is also likely to continue to recover as disruptions related to the pandemic aid. However, the upside to China’s exports may be limited as the demand for products related to the pandemic is likely temporary, he added.
Running U.S.-China trade tensions also pose a downside risk.
Senior U.S. and Chinese officials are reportedly expected to scrutinize the implementation of their phase one trade deal next week.
This is a developing story. Please check deny hard pressed for updates.