BEIJING – China’s exports rose unexpectedly in July despite weakening global demand but imports remained low as lingering Covid-19 controls kept consumers jittery, official data showed today.
In July, exports rose to 18% year-on-year, up from 17.9% the month before, according to customs data.
This was well above the 14.6% growth expected by economists polled by Bloomberg News.
Imports grew 2.3%, compared to a dismal 1% in June.
But it was below the 4% growth predicted by analysts, who had expected easing Covid-19 restrictions to boost domestic consumption.
China is the only major economy still holding fast to a zero-Covid-19 strategy with snap lockdowns and long quarantines, battering business activity and making consumers jittery.
The country’s overall trade surplus rose to USD$101.26 billion (RM445.80 billion), from USD$97.9 billion (RM431.00 billion) in June.
China logged its slowest economic growth since the initial coronavirus outbreak last month, expanding just 0.4% in the second quarter with lockdowns and property market weakness pushing the government’s target further out of reach.
Analysts have said that it is unlikely the official target of around 5.5% economic growth this year can be attained, given that it will require a huge acceleration in the second half. – AFP, August 7, 2022
