“China’s export growth surprised again on the upside. [It] continues to help China’s economy in a difficult year as domestic demand remains sluggish,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.
Foreign trade container throughput at eight major Chinese ports rose 14.5% in July, speeding up from the 8.4% gain in June, according to data released by the domestic port association.July exports may also have been buoyed by pent-up demand from Southeast Asia as supply snarls eased and factories there ramped up production, Bruce Pang, chief economist and head of research at Jones Lang Lasalle, said in a research note.
“Looking ahead in the second half of the year, exports are expected to be resilient in the short run, but weakening external demand may pressure them in the fourth quarter,” Chang said.“I am very worried about the impacts of soaring US inflation and rising China-US tensions on our export orders,” Jin Chaofeng, general manager at Nicesoul, one of Amazon’s top rattan outdoor furniture sellers, told Reuters.
Crude oil imports in July fell 9.5% from a year earlier as fuel demand recovered more slowly than expected due to fresh virus outbreaks.
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