China’s export growth gains steam despite weakening global demand

[superadmin]

• 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.
  

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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