China says trade jumped in July, beating forecasts

China says trade jumped in July, beating forecasts

The 90-day trade truce is set to end on Aug 12, when the original duties could snap back.

China container, port
The increase in China’s overseas shipments last month outpaced a Bloomberg forecast of 5.6%. (EPA Images pic)
BEIJING:
China’s exports expanded 7.2% year-on-year in July, official data showed today, as the world’s second-largest economy navigated a shaky trade war truce with the US.

The increase in China’s overseas shipments last month outpaced a Bloomberg forecast of 5.6%.

Imports jumped 4.1% year-on-year in July, compared with a Bloomberg forecast of a 1% fall.

Data also showed that China’s exports to the US, its largest trading partner, continued to fall, sinking 6.1% from the previous month.

The two economic superpowers agreed in Stockholm last month to hold further on extending their tariff truce.

That deal has temporarily set fresh US duties on Chinese goods at 30%, while Beijing’s levies on US goods stand at 10%.

The accord – initially agreed in Geneva in May – brought down triple-digit tariffs each side had imposed on the other after Donald Trump launched his trade war on April 2.

The 90-day truce is set to end on Aug 12, when the original duties could snap back.

Today’s data also comes after Trump unveiled new tariffs on dozens of trading partners – including a blistering 35% on Canada – as he seeks to reshape global trade to benefit the US economy.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.