MNI DATA BRIEF: China July Exports Slow While Surplus Expands

China's exports in July rose 19.3% y/y to USD282.66 billion, down from 32.2% in June, and was the first time in six months that growth slowed to below 20%, data from China General Administration of Customs showed. The trade surplus rose to USD56.59 billion from the previous USD51.53 billion.

Imports jumped 28.1% y/y growth to USD226.07 billion, partly due to last year's pandemic-reduced demand, but also because prices of commodities, such as iron and ore, crude oil and coal continued to rise, the Customs said on Saturday.

Among exported products, mechanical, plastic and steel products increased by 25.5%, 27.1% and 30.9% respectively.

Total exports In the first seven months rose 35.2% y/y. Shipments to the U.S. soared nearly 36.9% y/y, while those to the EU and Japan gained almost 32.7% and 17.8%, respectively.

Imports increased 34.9% y/y in the Jan-Jul period. Total imports from the U.S. in this period surged 50.4% y/y, while those from the EU and Japan rose nearly 35.7% and 25.5%, respectively.