BEIJING: China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as it struggles to recover from a sharp, COVID-induced slump, though imports remained sluggish.
Outbound shipments grew 18.0% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, compared with a 17.9% rise in June and beating analysts’ expectations for a 15.0% gain.
Analysts had expected exports to fade amid growing signs of cooling global consumption.
A global factory survey released last week showed demand weakened in July, with orders and output indexes falling to their weakest levels since the onset of the COVID-19 pandemic in early 2020.
China’s official manufacturing survey indicated activity contracted last month, raising fears that the economy’s recovery from widespread lockdowns in spring will be slower and bumpier than expected.
But there were signs that transport and supply chain disruptions caused by the lockdowns were continuing to ease, just in time for shippers preparing for peak year-end shopping demand.
Foreign trade container throughput at eight major Chinese ports rose 14.5% in July, speeding up from the 8.4% gain in June, according to data released by the domestic port association.
Container throughput at COVID-hit Shanghai port hit a record high in July.
