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Brunei
Tuesday, October 4, 2022
24.3 C
Brunei
Tuesday, October 4, 2022
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    China exports rise in July, defying expectations

    BEIJING (AFP) – China’s exports rose unexpectedly in July despite weakening global demand but imports remained low as lingering Covid controls kept consumers jittery, official data showed yesterday.

    In July, exports rose 18 per cent on-year, up from 17.9 per cent the month before, according to customs data.

    This was well above the 14.6-per-cent growth expected by economists polled by Bloomberg News.

    Imports grew 2.3 per cent, compared to a dismal one per cent in June.

    But it was below the four per cent growth predicted by analysts, who had expected easing Covid-19 restrictions to boost domestic consumption.

    China is the only major economy still holding to a zero-Covid strategy with snap lockdowns and long quarantines, battering business activity and making consumers jittery.

    The country’s overall trade surplus rose to USD101.26 billion, from USD97.9 billion in June.

    China logged its slowest economic growth since the initial coronavirus outbreak last month, expanding just 0.4 per cent in the second quarter with lockdowns and property market weakness pushing the government’s target further out of reach.

    Analysts said it is unlikely the official target of around 5.5 per cent economic growth this year can be attained, given that it will require a huge acceleration in the second half.

    Aerial photo shows the Qianwan Container Terminal in Qingdao Port, east China’s Shandong Province. PHOTO: XINHUA
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