offering an encouraging boost to the economy struggling to recover from a sharp COVID-induced slump, though imports remained sluggish.
Outbound shipments rose 18.0% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, compared with a rise of 17.9% in June and beating expectations of consumers. analysts for a gain of 15.0%.
Analysts had expected exports to decline amid growing signs of a cooling in global consumption.
A global factory survey released last week showed demand weakened in July, with orders and production indices falling to their lowest levels since the start of the COVID-19 pandemic in early 2020.
The official survey of China’s manufacturing industry said activity contracted last month, raising fears that the economy’s recovery from widespread lockdowns in the spring will be slower and bumpier than expected. .
But there are signs that the transportation and supply chain disruptions caused by the lockdowns are continuing to ease, just in time for shippers preparing for high year-end shopping demand.
Foreign trade container throughput at eight major Chinese ports rose 14.5 percent in July, accelerating from the 8.4 percent rise recorded in June, according to data released by the National Ports Association.
Container throughput at the COVID-hit Port of Shanghai hit a record high in July.
ALWAYS TIDE IMPORTS
However, import growth was weaker than expected, suggesting that China’s domestic consumption remains soft.
Imports rose 2.3% from a year earlier, compared to a 1% gain in June, and missed forecasts of a 3.7% rise.
Analysts had expected the pace of imports to pick up slightly in the second half of the year, supported by construction-related equipment and commodities as the government ramps up infrastructure spending.
China posted a record trade surplus of $101.26 billion last month due to a weak import reading but solid export growth. Analysts had forecast a trade surplus of $90.0 billion.
The country’s top economic planner said last week that the economy was in the “critical window” for stabilization and recovery, and that the third quarter was “vital”.
Top executives recently signaled they were prepared to miss the government’s growth target of around 5.5% for 2022, which analysts said looked increasingly unachievable after the economy suffered. narrowly contracting in the second trimester.
In late July, the International Monetary Fund sharply cut its growth forecast for China in 2022 to 3.3% from 4.4% in April, citing COVID lockdowns and a worsening crisis in the real estate sector. from the country.