MNI: China Jul Exports Recover

China's trade performance has recovered faster than expected from the pandemic disruptions, with July exports reporting a solid increase on an annualised basis, data from General Customs showed on Friday.

Exports increased 7.2% y/y to $237.63 billion in July, the biggest monthly rise this year and well up from the 0.5% y/y growth last month. Exports declined 4.1% y/y in the Jan-Jul period - narrower than the previous 6.2% y/y slump over the first half year.

Exports to the EU, the biggest trading partner, rose 0.7% y/y over this year, while those to Japan, the fourth biggest trading partner, fell 3.0% over the same period. Exports to the US dropped 7.3% y/y in the Jan-Jul period, marking the biggest decline among the first echelon.

July imports fell 1.4% y/y to $175.30 billion in July, lower than last month's 2.7% growth. Imports fell 5.7% y/y in the first seven months, slower than the 7.1% y/y decline reported in Jan-Jun.

July imports from ASEAN countries showed the only gains out of five markets, up by 4.3% y/y. Imports from the EU, Japan and the US were down 8.5%y/y, 1.5% y/y and 3.5% y/y, respectively.

The July trade surplus expanded to $62.3 billion from $46.4 billion posted last month, bringing the total balance to $230.1 billion for the first seven months.