China Exports Beat Expectations Despite Geopolitical Tensions
(RTTNews) - China's exports logged a double-digit growth in July largely driven by strong demand for hi-tech products, data from the customs office showed Friday.
Exports advanced 23.9 percent on a yearly basis in July, faster than economists' forecast of 22.2 percent. However, the pace of growth moderated from 27.0 percent seen in June.
Despite rising trade tensions, China's exports to the United States rose around 17.0 percent. Shipments to Association of Southeast Asian Nations advanced 38.4 percent and that to EU moved up 16.0 percent.
At the same time, imports registered an annual growth of 27.5 percent, which was below the expected increase of 27.9 percent and June's 36.0 percent growth.
Oil imports declined 24.3 percent from the last year, while hi-tech categories were the main driver of growth.
The trade surplus decreased to $112.5 billion from $125.6 billion in June. Nonetheless, the surplus was above the expected level of $107.0 billion.
The sharp increases in prices of chips and commodities lifted exports and imports in value terms.
ING economist Lynn Song said external demand has become increasingly important this year for the growth outlook as China's K-shaped divergence widens.
He noted that it has been one of the main bright spots this year and also supported industrial activity.
Although incremental easing after July's Politburo meeting might help support domestic demand in the second half, external demand will likely remain the main driving force this year, Song added.
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