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China exports see unexpected spike in July, imports down

China exports see unexpected spike in July, imports down

7/8/2020 9:04:00 AM

China exports see unexpected spike in July, imports down

China saw another surprise jump in exports last month as the global economy slowly reopened after virus lockdowns, data showed Friday, but there ...

BusinessChina's economy is tipped to rebound this year but exports could suffer as the virus continues to drag on key overseas markets. (Photo: AFP/Kazuhiro NOGI)07 Aug 2020 01:38PMShare this contentBookmarkBEIJING: China saw another surprise jump in exports last month as the global economy slowly reopened after virus lockdowns, data showed Friday (Aug 7), but there were warnings that while the country is expected to get back on track by year's end, overseas shipments would likely struggle.

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The readings, however, showed an unexpected fall in imports, highlighting the battle leaders have in stoking domestic demand as a key driver of national growth.AdvertisementAdvertisementExports rose 7.2 per cent in July, customs data showed, smashing forecasts in a Bloomberg survey for a 0.7 per cent drop. The figure was also a massive jump from the 0.5 per cent increase in June, which also beat expectations.

Analysts had warned that a spike in global infections - forcing new containment measures in some countries - and weakened external demand could weigh on China's recovery, with the boost from healthcare shipments fading.Imports fell 1.4 per cent, confounding a 0.9 per cent rise tipped by analysts. headtopics.com

China's economy contracted 6.8 per cent in the first quarter as lockdowns around the country to prevent the virus spreading brought businesses and activity to a near standstill.AdvertisementAdvertisementBut success in containing the disease domestically and the easing of measures helped it rebound rapidly in the following three months, and Capital Economics said in a recent report that the country is"on course to return to its pre-virus path" by year-end.

However, it warned"exports are likely to remain below their pre-virus peak for the remainder of the year, given the drawn-out recovery facing the rest of the world".Meanwhile, China's trade surplus with the United States was US$32.456 billion in July - up 16 per cent from US$27.974 billion a year ago during the bruising trade war.

Read more: CNA »

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China exports see unexpected spike in July but imports downBEIJING (AFP) - China saw another surprise jump in exports last month as the global economy slowly reopened after coronavirus lockdowns, data showed on Friday (Aug 7), but there were warnings that while the country is expected to get back on track by year's end, overseas shipments would likely struggle.. Read more at straitstimes.com.

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US job gains may have stalled in July amid virus spike[WASHINGTON] The promising jobs recovery in May and June may have come to a screeching halt in July as Covid-19 cases spiked and newly rehired workers in some states were sent home. Read more at The Business Times.

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