Chinese foreign trade jumped in July compared to last year, according to Customs Customs published this Thursday, frustrating economists’ forecasts in the middle of the commercial war between Beijing and Washington.
Chinese exports increased 7.2% for a year in July, according to official statistics, exceeding the prognosis of economists surveyed by the Bloomberg agency (5.6%). Imports at the same time rose 4.1% compared to last year, while the Bloomberg agency forecasts were presenting a contraction.
The first two world economies agreed last month by maintaining a reciprocal price to continue their commercial negotiations. Rupture temporarily fixes additional US customs tariffs on 30%Chinese products, while Chinese taxes on US imports remain at 10%.
Greater exports to the United States
In this context, Chinese exports to the United States fell by 6.1% between June and July, according to Chinese customs data. The second world economy sent $ 35.8 billion in the United States in July 35.8 billion in July, compared to $ 38.2 billion in June. The truce must also end on Tuesday, when customs tasks could return to higher levels.
“The growth of exports could be slowed down in the coming months, the early constitution of actions to escape US prices that vanished,” anticipates Zhiwei Zhang, chief economist of Pinpoint assets management. “The big question is to what extent Chinese exports will slow down and how it will affect the rest of the economy,” he adds.
The Chinese party staff has established the ambitious objective of a growth of “around 5%” in GDP in 2025. In addition to the commercial war, the Asian giant also has to face a long real estate crisis that weighs the morale of the consumer and local communities.
Source: BFM TV
