AP

China July exports rise, with trade surplus at record-high

Aug 7, 2022, 6:29 AM | Updated: 6:51 am

BEIJING (AP) — China’s export growth continued to rise in July, sending trade surplus to a record high, according to government data.

China’s exports grew 18% to $333 billion compared to the same period last year, and were up from 17.9% in June, according to data from China’s customs.

Imports, however, remained soft, growing 2.3% in July compared to a year ago. That was lower that economists’ estimates of 4%, and suggests weak domestic demand amid lockdowns across the country as China attempts to stem the outbreak of COVID-19.

China’s total trade surplus reached an all-time high of $101.3 billion in July, breaking the record set in June.

The country’s economy has rebounded from earlier in the year, when tough COVID-19 restrictions including a two-month lockdown in Shanghai and other measures across China disrupted manufacturing and logistics.

While manufacturing and supply chain issues have eased, recovery may be affected by fresh COVID-19 outbreaks, weak domestic demand and external uncertainties such as rising inflation in developed countries including Britain and the U.S.

The International Monetary Fund in July predicted that China’s economy would grow 3.3% this year, below the ruling Communist Party’s target of 5.5% set in April.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Lead water pipes pulled from underneath the street are seen in Newark, N.J., Oct. 21, 2021. (AP Pho...

Associated Press

Biden to require cities to replace harmful lead pipes within 10 years

The Biden administration has previously said it wants all of the nation's roughly 9 million lead pipes to be removed, and rapidly.

1 day ago

Facebook's Meta logo sign is seen at the company headquarters in Menlo Park, Calif., on, Oct. 28, 2...

Associated Press

Meta shuts down thousands of fake Facebook accounts that were primed to polarize voters ahead of 2024

Meta said it removed 4789 Facebook accounts in China that targeted the United States before next year’s election.

2 days ago

A demonstrator in Tel Aviv holds a sign calling for a cease-fire in the Hamas-Israel war on Nov. 21...

Associated Press

Hamas releases a third group of hostages as part of truce, and says it will seek to extend the deal

The fragile cease-fire between Israel and Hamas was back on track Sunday as the first American was released under a four-day truce.

6 days ago

Men look over the site of a deadly explosion at Al-Ahli Hospital in Gaza City, Wednesday, Oct. 18, ...

Associated Press

New AP analysis of last month’s deadly Gaza hospital explosion rules out widely cited video

The Associated Press is publishing an updated visual analysis of the deadly Oct. 17 explosion at Gaza's Al-Ahli Hospital.

9 days ago

Peggy Simpson holds a photograph of law enforcement carrying Lee Harvey Oswald's gun through a hall...

Associated Press

JFK assassination remembered 60 years later by surviving witnesses to history, including AP reporter

Peggy Simpson is among the last surviving witnesses who are sharing their stories as the nation marks the 60th anniversary.

10 days ago

Israeli Prime Minister Benjamin Netanyahu, chairs the weekly cabinet meeting in Jerusalem, Sunday, ...

Associated Press

Israeli Cabinet approves cease-fire with Hamas; deal includes release of 50 hostages

Israel’s Cabinet on Wednesday approved a cease-fire deal with the Hamas militant group that would bring a temporary halt to a devastating war.

10 days ago

Sponsored Articles

Follow @KTAR923...

The 2023 Diamondbacks are a good example to count on the underdog

The Arizona Diamondbacks made the World Series as a surprise. That they made the playoffs at all, got past the Milwaukee Brewers in the NL Wild Card round, swept the Los Angeles Dodgers in the NLDS and won two road games in Philadelphia to close out a full seven-game NLCS went against every expectation. Now, […]

...

SCHWARTZ LASER EYE CENTER

Key dates for Arizona sports fans to look forward to this fall

Fall brings new beginnings in different ways for Arizona’s professional sports teams like the Cardinals and Coyotes.

...

DAY & NIGHT AIR CONDITIONING, HEATING AND PLUMBING

Importance of AC maintenance after Arizona’s excruciating heat wave

An air conditioning unit in Phoenix is vital to living a comfortable life inside, away from triple-digit heat.

China July exports rise, with trade surplus at record-high