08-07-2022, 07:17 PM
- China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a sharp, Covid-induced slump, though imports remained sluggish.
- A global factory survey released last week showed demand weakened in July, with orders and output indexes falling to their weakest levels since the onset of the Covid-19 pandemic in early 2020.
- China’s official manufacturing survey indicated activity contracted last month, raising fears that the economy’s recovery from widespread lockdowns in spring will be slower and bumpier than expected.
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China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a sharp, Covid-induced slump, though imports remained sluggish.
Outbound shipments grew 18.0% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, compared with a 17.9% rise in June and beating analysts’ expectations for a 15.0% gain.
Analysts had expected exports to fade amid growing signs of cooling global consumption.
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