A cargo ship loaded with cars and containers for export departs at Yantai port in Yantai, China, on July 31, 2024.
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BEIJING – China’s imports grew faster than expected in July, while export growth came in below forecasts, according to customs data released Wednesday.
Exports in US dollar terms rose 7% in July from a year ago, missing expectations for a 9.7% increase, according to a Reuters poll.
US dollar-denominated imports rose 7.2%, more than the 3.5% forecast, according to the poll.
In June, imports fell sharply as domestic demand remained weak. Amid the drag from real estate and poor consumer spending, exports have been one of the bright spots in China’s economy.
China’s economy grew by 5% in the first half of the year, but in June, retail sales growth fell to 2%, raising doubts about its full-year GDP target.
When asked last week about stimulus plans for the second half of the year, Chinese officials emphasized existing measures and emphasized long-term goals to develop advanced technologies and other “new growth drivers.”
Officials from the National Development and Reform Commission, China’s economic planning agency, noted that the economy is facing challenges not only from the external environment but also from structural transformation – “the pain that must be experienced in the process of pushing high-quality development.” That’s according to CNBC’s translation of the Mandarin commentary.
This is a news story. Please check back for updates.
