Economic Indicators

China trade balance shrinks more than expected in July as exports disappoint

2024.08.06 23:45

China trade balance shrinks more than expected in July as exports disappoint

Investing.com– China’s trade balance shrank more than expected in July, hit by a smaller-than-expected increase in exports as European tariffs on the electric vehicle industry took hold, while imports shot past expectations. 

China’s showed a surplus of $84.65 billion, customs data showed on Wednesday. The reading was weaker than expectations for a surplus of $97.5 billion and fell from the $99.05 billion seen in the prior month. 

The reading was driven by a smaller than expected increase in exports following the imposition of higher trade tariffs on the EV sector in early-July. 

grew 7% year-on-year in July, less than expectations for a rise of 9.7% and weaker than the 8.6% growth seen in the prior month. 

While the EV tariffs spurred some initial weakness in exports, their impact on China’s overall exports is still expected to be limited. But the country also has to contend with worsening demand in its biggest export destinations, as global economic growth cools.

A smaller trade surplus was also driven by an unexpected surge in , which grew 7.2% y-o-y in July, much more than expectations for a rise of 3.5% and recovering sharply after a 2.3% contraction in the prior month. 

The reading indicated that domestic demand remained resilient despite other signs of cooling economic growth. But whether the strong imports figure was a one-off reading or a sustained trend still remained to be seen. 



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 93,416.03 2.85%
ethereum
Ethereum (ETH) $ 3,361.93 2.72%
tether
Tether (USDT) $ 1.01 1.00%
solana
Solana (SOL) $ 232.66 4.88%
bnb
BNB (BNB) $ 622.06 3.67%
xrp
XRP (XRP) $ 1.38 2.71%
dogecoin
Dogecoin (DOGE) $ 0.385832 5.93%
usd-coin
USDC (USDC) $ 1.01 0.80%
cardano
Cardano (ADA) $ 0.929364 6.88%
staked-ether
Lido Staked Ether (STETH) $ 3,361.02 2.75%
avalanche-2
Avalanche (AVAX) $ 42.17 3.35%
tron
TRON (TRX) $ 0.19219 3.92%
the-open-network
Toncoin (TON) $ 6.01 2.13%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,979.54 2.88%
shiba-inu
Shiba Inu (SHIB) $ 0.000024 2.98%
stellar
Stellar (XLM) $ 0.451908 9.39%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 93,170.96 3.19%
polkadot
Polkadot (DOT) $ 7.99 7.42%
chainlink
Chainlink (LINK) $ 17.35 4.68%
weth
WETH (WETH) $ 3,352.75 3.32%
bitcoin-cash
Bitcoin Cash (BCH) $ 491.37 4.65%
sui
Sui (SUI) $ 3.31 0.78%
pepe
Pepe (PEPE) $ 0.000018 7.06%
near
NEAR Protocol (NEAR) $ 6.22 6.87%
leo-token
LEO Token (LEO) $ 8.13 2.79%
litecoin
Litecoin (LTC) $ 91.61 4.07%
uniswap
Uniswap (UNI) $ 11.22 4.61%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,530.45 3.09%
aptos
Aptos (APT) $ 11.62 6.59%
internet-computer
Internet Computer (ICP) $ 11.21 6.39%
usds
USDS (USDS) $ 1.01 0.77%
hedera-hashgraph
Hedera (HBAR) $ 0.135763 2.29%
crypto-com-chain
Cronos (CRO) $ 0.172955 6.39%
ethereum-classic
Ethereum Classic (ETC) $ 28.46 7.12%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.529647 8.51%
ethena-usde
Ethena USDe (USDE) $ 1.01 1.01%
bittensor
Bittensor (TAO) $ 529.58 4.29%
render-token
Render (RENDER) $ 7.36 5.82%
kaspa
Kaspa (KAS) $ 0.146546 3.59%
arbitrum
Arbitrum (ARB) $ 0.882789 2.46%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.36 6.83%
celestia
Celestia (TIA) $ 8.20 4.24%
whitebit
WhiteBIT Coin (WBT) $ 24.05 0.12%
dai
Dai (DAI) $ 1.01 1.47%
vechain
VeChain (VET) $ 0.040478 3.48%
filecoin
Filecoin (FIL) $ 5.39 2.87%
mantra-dao
MANTRA (OM) $ 3.57 0.02%
blockstack
Stacks (STX) $ 2.12 2.94%
bonk
Bonk (BONK) $ 0.000043 9.07%
okb
OKB (OKB) $ 52.36 2.26%