China July exports surprise, rise 3.3%; imports fall 5.6%Reuters | Beijing | Updated: 08-08-2019 08:41 IST | Created: 08-08-2019 08:40 IST
China's exports unexpectedly rose in July, growing 3.3% from a year earlier, customs data showed on Thursday, despite mounting U.S. trade pressure. Analysts polled by Reuters had expected exports would fall 2.0%, after a 1.3% decline in June.
Imports in July fell 5.6% from a year earlier, less than a predicted fall of 8.3% and moderating from a 7.3% drop in June. That left China with a trade surplus of $45.06 billion in July, compared with a $50.98 billion surplus in June. Analysts had forecast $40 billion.
The United States sharply raised tariffs on some Chinese imports in May and Beijing retaliated, escalating year-long trade war between the world's largest economies. President Donald Trump stunned financial markets last week by vowing to impose even more levies from Sept. 1, which would extend tariffs to nearly all of the Chinese goods the U.S. imports. Days later, China let the yuan currency fall sharply.