China's exports grew 23% in U.S. dollar terms in July compared to the previous year, according to official customs data. This growth exceeded the 22.2% forecast for the month provided by analysts polled by Reuters. (Note: S3 reports a 23.9% year-on-year increase in its headline, conflicting with this figure.)
The July export growth rate represented a slowdown from the 27% surge recorded in June. That June surge was China's fastest pace of export growth since October 2021.
Global demand for high-tech components helped absorb China's manufactured goods. Consequently, China's trade balance grew more than expected in July due to the boost in exports.
Import growth slows
China's imports rose 27.5% in July. This figure was slightly below the 27.9% estimate from a Reuters poll.
The growth in imports slowed from a 36% jump in June. The June increase in imports was China's quickest in five years.
Growth in China's exports in July in U.S. dollar terms.
