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Orange Wang

Chinese export growth slowed as expected in July, as the favourable comparison base effect from a year earlier started fading, according to data released on Saturday.
Robust export growth had been a key factor boosting the Chinese economy since late last year so the slowdown in export growth will be seen as a further sign of an overall easing in expansion as the year progresses.
Exports grew by 19.3 per cent last month from a year earlier to US$282.66 billion – down from the 32.2 per cent growth seen in June and slightly below expectations of 19.9 per cent.
Exports rose by 7.2 per cent in July last year as the coronavirus took hold, meaning the latest figures started from a higher base than in previous pandemic-depressed months.




Stronger export growth figures in the second half of last year mean the base effect will fade further in coming months, putting downward pressure on the export growth rate.
Import growth also slowed, but less so, growing by 28.1 per cent in July from a year earlier to US$226.08 billion – down from the 36.7 per cent growth in June and below expectations for a 34.4 per cent gain. The growth rate was boosted by a favourable base effect, with imports falling 1.4 per cent in July last year.
Zhang Zhiwei, chief economist at Pinpoint Asset Management, said that despite the slowdown in the growth rate, China’s exports remained strong in June, as the pandemic worsened in other developing countries in Asia, which might have led to a relocation of trade towards China.
But leading indicators suggested that exports were likely to weaken, while imports of parts and components to be reassembled and exported in coming months also slowed in July, he said in a note on Saturday.
Exports and the Covid outbreak are the main sources of uncertainty in China for the next few months
Zhang Zhiwei
“Exports and the Covid outbreak are the main sources of uncertainty in China for the next few months,” Zhang said.
China’s economic growth slowed to 7.9 per cent in the second quarter from 18.3 per cent in the first. Growth is expected to slow further to just under 6 per cent by the end of the year.
Chinese export growth was boosted by demand in developed countries for coronavirus-related personal protection equipment as well as equipment to supply the work-from-home movement. But that demand has declined as developed countries have started to emerge from pandemic restrictions.
For example, exports of textiles including face masks fell by 26.78 per cent from a year ago to US$11.7 million in July.


Among trading partners, the 10 countries of the Association of Southeast Asian Nations (Asean) remained China’s largest, followed by the European Union and the United States.
China’s total trade surplus rose to US$56.58 billion in July, compared with US$51.53 billion in June.
In July, China’s trade surplus with the US rose to US$35.43 billion from US$32.58 billion in June. The shortfall was the largest since November last year and 9.16 per cent bigger than a year earlier.
China’s imports from the US rose 25.63 per cent to US$14.16 billion in July, while exports rose 13.4 per cent to US$49.59 billion.
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China’s exports to the EU rose 17.23 per cent from a year earlier to US$43.35 billion in July, while imports rose 19.79 per cent to US$25.91 billion. China’s trade surplus with the EU for the month stood US$17.43 billion, up 13.61 per cent year on year and the highest since May, 2021.
China’s exports to the 10 Asean countries rose to US$39.83 billion in July, up 14.52 per cent compared with a year earlier, while imports rose 27.68 per cent to US$30.81 billion. China’s trade surplus with the Asean states narrowed to US$9.02 billion in July, down 15.31 per cent from the same period in 2020.
Despite continued political tensions between Beijing and Canberra, bilateral trade growth remained strong, with China’s trade deficit with Australia reaching a monthly record.
China’s exports to Australia rose to US$5.16 billion in July, a year-on-year increase of 9.32 per cent, while imports rose by 41.19 per cent to US$15.22 billion. This resulted in the Chinese trade deficit with Australia rising 66.03 per cent in July to US$10.06 billion.


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China export growth slows sharply in July as favourable base effect from year earlier fades

China’s exports grew by 19.3 per cent in July compared with a year earlier, while imports grew by 28.1 per cent last month year on year. Photo: Xinhua

China’s exports grew by 19.3 per cent in July compared with a year earlier, while imports grew by 28.1 per cent last month year on year. Photo: AP

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China’s exports grew by 19.3 per cent in July compared with a year earlier, well below the 32.2 per cent growth in June
China’s imports grew by 28.1 per cent last month, year on year, down from 36.7 per cent growth in the previous month



China’s exports grew by 19.3 per cent in July compared with a year earlier, while imports grew by 28.1 per cent last month year on year, data released on Saturday showed.


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China export growth slows sharply in July as favourable base effect from year earlier fades

China’s exports grew by 19.3 per cent in July compared with a year earlier, well below the 32.2 per cent growth in June China’s imports grew by 28.1 per cent last month, year on year, down from 36.7 per cent growth in the previous month

China’s exports grew by 19.3 per cent in July compared with a year earlier, well below the 32.2 per cent growth in June

China’s imports grew by 28.1 per cent last month, year on year, down from 36.7 per cent growth in the previous month