BEIJING: China’s July export beats expectations to grow 18 percent year-on-year at $332.96 billion in U.S. dollar terms, data from the General Administration of Customs (GAC) showed on Sunday.
The number was stronger than the 17.9-percent expansion in June and exceeds Reuters estimates of 15 percent growth and Bloomberg’s 14.1 percent gain.
July imports logged in at $231.7 billion – a yearly increase of 2.3 percent and higher than the 1 percent growth in June – but missed Reuters expectation of a 3.7-percent expansion. As a result, China’s trade surplus widened to $101.26 billion in July.
China’s imports and exports to the countries in the Regional Comprehensive Economic Partnership (RCEP) reached 1.17 trillion yuan ($173 billion) in July, fueling China’s overall trade growth by 5.6 percentage points in the same month.
“The RCEP came into effect this year, further deepening regional economic connectivity and trade and investment cooperation while providing new momentum for regional economic recovery and development,” said GAC spokesperson Li Kuiwen.
In the first seven months of this year, China’s trade with its fellow 14 member countries in the RCEP was up 7.5 percent year on year. Meanwhile, trade with countries along the Belt and Road Initiative increased by 19.8 percent year on year.
–The Daily Mail-CGTN news exchange item
