China’s exports continued to accelerate in July as a fall in shipments to the United States was offset by growth in a range of markets including Africa, Europe and Latin America, with chip exports surging by nearly 30 per cent year on year.
The world’s largest goods exporter saw outbound shipments rise by 7.2 per cent year on year to US$321.8 billion last month, according to customs data released on Thursday.
The figure was higher than the 5.8 per cent growth rate recorded in June and beat the 5.8 per cent growth forecast in a market survey by the Chinese financial data provider Wind.
China’s imports, meanwhile, rose by 4.1 per cent year on year last month, in a possible sign that the country’s sluggish domestic demand is starting to pick up. A poll by Wind had predicted a 0.27 per cent decline for July.
That led China’s trade surplus to narrow slightly to US$98.2 billion for the month.
The better-than-expected results come as China’s vast export sector continues to face intense pressure from the ongoing US trade war, with the world’s two largest economies yet to agree a permanent deal to prevent tariffs snapping back to the triple-digit levels seen in April and May.