Exports in China increased by 18 percent and imports by 2.3 percent in July compared to the same period last year.
According to the data of the General Administration of Customs, in July, exports increased by 18 percent to 333 billion dollars, and imports increased by 2.3 percent to 231.7 billion dollars.
Exports increased above expectations after a 17.9 percent increase in June, while imports fell short of expectations.
Foreign trade surplus at all-time high
Foreign trade surplus reached an all-time high of 101.26 billion dollars in July.
In the said period, the largest share of China’s foreign trade was formed by the Association of Southeast Asian Nations (ASEAN), European Union (EU) countries and the USA.
China’s trade with Russia, which faced Western economic sanctions after the Ukraine war, continued to increase in July. China’s exports to Russia increased by 22.2 percent on an annual basis, while imports from Russia increased by 49.3 percent.
The continuation of the acceleration in exports raised hopes that the Chinese economy has started to recover after the COVID-19 outbreaks, while the stagnation in imports raised concerns that the negative effects could not be overcome.
Due to the epidemics triggered by the cases carrying the Omicron variant in China, the negative impact of the closure measures and restrictions on the economy was felt in the spring months, especially in Shanghai, the largest city of the country, in big cities with large populations and hosting critical business lines.
Economic performance, measured in many areas, fell to the lowest levels seen since the beginning of 2020, when the first effects of the COVID-19 epidemic were felt.