China July exports rise, with trade surplus at record level | International

BEIJING (AP) — China’s export growth continued to rise in July, sending the trade surplus to a record high, government data showed.

Chinese exports rose 18% to $333 billion from the same period last year, and rose 17.9% in June, according to data from China Customs.

Imports, however, remained weak, rising 2.3% in July from a year ago. The figure was lower than economists’ estimates of 4% and suggests weak domestic demand amid lockdowns across the country as China tries to stem the COVID-19 outbreak.

China’s total trade surplus hit a record $101.3 billion in July, beating the record set in June.

The country’s economy has rebounded since the start of the year when severe COVID-19 restrictions, including a two-month lockdown in Shanghai and other measures across China, disrupted manufacturing and logistics. .

Although manufacturing and supply chain issues have eased, the recovery could be affected by further COVID-19 outbreaks, weak domestic demand and external uncertainties such as rising inflation in developed countries , including Great Britain and the United States.

The International Monetary Fund predicted in July that China’s economy would grow 3.3% this year, below the 5.5% target set in April by the ruling Communist Party.

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