Thursday, January 30, 2025
19.0°F

China's July exports rise despite coronavirus, US tariff war

AP Business Writer | Hagadone News Network | UPDATED 4 years, 5 months AGO
by AP Business Writer
| August 6, 2020 11:03 PM

BEIJING (AP) — China's exports rose by an unexpectedly strong 7.2% in July as the world's second-largest economy recovered from the coronavirus pandemic.

Sales to the United States jumped 12.5% despite a plunge in U.S. economic activity and a lingering tariff war with Washington, customs data showed Friday.

Global exports accelerated from June's 3% gain and exceeded forecasts of little to no growth.

“There is an overall improvement in exports in July from June, not just medical supplies which had previously been the main contributor,” said Iris Pang of ING in a report. She pointed to gains in shipments of electronics, autos and clothing.

Imports weakened by 1.4% in financial terms due to falling commodity prices but the total volume increased.

China, where the pandemic began in December, was the first economy to shut down to fight the coronavirus and the first to reopen after the ruling Communist Party declared victory over the disease in March.

The world's second-largest economy grew by 3.2% over a year earlier in the three months ending in June as factories and stores reopened, rebounding from the previous quarter's 6.8% contraction.

Chinese exports recovered faster than the global total, suggesting manufacturers are taking market share from competitors in countries that might still be under restrictions that hamper trade.

Exporters benefited from a surge in demand for Chinese-made surgical gloves, masks and other medical supplies.

Forecasters warn export demand may fall back as rising numbers of coronavirus infections in the United States and other countries prompt governments to reimpose controls on business.

“The road ahead may be bumpy,” Louis Kuijs of Oxford Economics said in a report.

In July, exports rose to $237.6 billion, accelerating from June’s 3% gain. Imports weakened to $175.3 billion.

Exports to the United States rose to $43.7 billion. Imports of American goods gained 3.6% to $11.3 billion.

Sales to the United States rose 12.5% despite a lingering tariff war with Washington, customs data showed Friday.

Overall, exports rose to $237.6 billion, an improvement over June’s 3% gain. Imports weakened by 1.4% to $175.3 billion.

The country’s politically sensitive trade surplus stood at $62.3 billion.

___

General Administration of Customs of China (in Chinese): www.customs.gov.cn

MORE IMPORTED STORIES

China's July exports rise despite coronavirus, US tariff war
Columbia Basin Herald | Updated 4 years, 5 months ago
China's July exports rise despite coronavirus, US tariff war
Columbia Basin Herald | Updated 4 years, 5 months ago
China's export growth quickens in August, imports edge lower
Columbia Basin Herald | Updated 4 years, 4 months ago

ARTICLES BY AP BUSINESS WRITER

October 10, 2020 12:03 a.m.

Drive-thru dominates even as dine-in restrictions ease

Even with cities like New York relaxing rules for dining in, sales figures from chains like McDonalds and Domino’s Pizza on Thursday suggest that most people continue to favor keeping their distance.

October 9, 2020 5:03 a.m.

Global stocks mostly higher on US stimulus hopes

BEIJING (AP) — Global stock markets and Wall Street futures mostly rose Friday after President Donald Trump said talks had resumed on an aid package for the struggling U.S. economy.

October 9, 2020 2:06 a.m.

Global stocks follow Wall Street higher on stimulus hopes

BEIJING (AP) — Global stock markets and Wall Street futures rose Friday after President Donald Trump said talks had resumed on an aid package for the struggling U.S. economy.