China Exports Growth Accelerates; Imports Rise Unexpectedly
(RTTNews) - China's exports logged a robust growth in July as the sharp decline in shipments to the US was offset by the rise in exports to the EU and other markets, official data revealed Thursday.
Exports surged 7.2 percent on a yearly basis, following June's 5.8 percent increase, the customs office reported. Exports were forecast to climb 5.4 percent.
At the same time, imports climbed unexpectedly by 4.1 percent from a year ago after rising 1.1 percent in June. Exports were forecast to fall 1.0 percent.
As a result, the trade surplus fell to $98.2 billion from $114.7 billion in June. The surplus was seen at $105.2 billion.
China's exports to the US declined 21.7 percent from the last year, deeper than the 16.1 percent drop in June.
On the other hand, shipments to the EU advanced in July, up 9.2 percent from last year. Likewise, exports to the Association of Southeast Asian Nations surged 16.6 percent.
Further, exports to Africa and Latin America increased 42.4 percent and 7.7 percent, respectively.
The Washington and Beijing reached an agreement in May to suspend a majority of tariffs for 90 days but the deadline is set to end on August 12. US and China have not yet reached a final trade deal.
Earlier, US President Donald Trump accused Chinese manufacturers for transshipping products through other countries to avoid higher tariffs. He imposed a blanket 40 percent levy on transshipped goods.
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