China's July Export Increase, Import Decline

Domestic Market Still Unstable Amid COVID-19 Shock

[Asia Economy Beijing=Special Correspondent Jo Young-shin] China's exports in July increased significantly more than market expectations.

However, imports turned to a decline again, showing that there are still uncertainties in the domestic market.

According to the General Administration of Customs of China on the 7th, China's exports in July amounted to $237.6 billion, a 7.2% increase compared to the same period last year.

The export growth rate was much higher than the market forecast of -0.6% compiled by Bloomberg News and the previous month's 0.5%.

July imports were $175.3 billion, down 1.4% from the same period last year. The import growth rate fell short of both the market forecast of 0.9% and the previous month's 2.7%.

Accordingly, China's trade balance in July recorded a surplus of $62.3 billion.

Although the COVID-19 pandemic appears to be in a calming phase and the Chinese economy rebounded in the second quarter, the shock from the pandemic has been significant, and the domestic market has been slow to recover. The unemployment rate is also hindering the rebound of the domestic market.

Bloomberg News analyzed, "As economic activities resumed in other countries around the world, China's exports increased in July," and "the unexpected decline in imports is due to falling commodity prices and the vulnerability of China's domestic economic recovery."

This content was produced with the assistance of AI translation services.