Positive factors despite slowing foreign trade

       

    CHINA’S foreign trade rose more slowly than expected in July partly due to weather conditions. Currency appreciation and a higher base also had an effect. However, economists said the outlook remained robust.

    Exports in yuan-denominated terms rose 11.2 percent year on year to 1.32 trillion yuan (US$197 billion) in July, slower than June’s 17.3 percent increase, data with the General Administration of Customs showed yesterday.

    Imports rose 14.7 percent to 1 trillion yuan, slower than June’s 23.1 percent growth.

The monthly trade surplus stood at 321.2 billion yuan in July, up 1.4 percent year on year.

    For the first seven months of 2017, exports increased 14.4 percent year on year while imports rose 24 percent.

    In US dollar terms, imports rose 11 percent and exports rose 7.2 percent, slower than the market expectations of 18 percent and 11 percent.

    China’s broad economy remains resilient, as indicated by other data including that on expanding manufacturing activity, said JZ Securities analyst Deng Haiqing.

    In the first seven months, trade with the EU, China’s biggest trade partner, climbed 17.1 percent from a year earlier to 2.33 trillion yuan.

    Meanwhile, trade with the US, ASEAN countries and Japan went up by 20.6 percent, 20.9 percent and 16.9 percent respectively.