China's exports slowed slightly in July from the previous month, although demand for high-tech electronics and vehicles remained strong. This was reported by infohub.kz.
According to customs data released on Friday, China's trade surplus narrowed to $112.5 billion from $125.6 billion in June. Exports rose nearly 24% in July from a year earlier, compared with a 27% increase in June. Imports climbed 27.5% year-on-year, but that was lower than June's jump of 36%.
Disruptions to port operations due to typhoons helped to slow trade, analysts said. "The boom in Chinese trade slowed a touch in July but the big picture is that export and import values remain elevated, helped by soaring global demand for electronics and green tech products," Julian Evans-Pritchard of Capital Economics said in a report. He also noted that the war in Iran interfered with shipments of aluminum from the Middle East, leading to an increase in Chinese exports of this metal.
Trade data show China has fully transitioned from providing mostly low-cost manufacturing to supplying vital machinery and components for advanced manufacturing. Exports of high-tech items surged nearly 41% in January-July from the same period the year before, while shipments of vehicles jumped 55% and overall exports of electronics and machinery rose 26%.
In the first seven months of this year, China's exports to the U.S. climbed just 2.6% year-on-year, while imports from the U.S. grew 1.4%. Exports to the European Union were up nearly 17%, while exports to Southeast Asia, which as a bloc is now China's biggest trading partner, surged 25%.