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China’s exports up 11.2%, imports up 14.7% in July

Updated: Aug 8,2017 11:13 AM     Xinhua

BEIJING — China’s exports in yuan-denominated terms rose 11.2 percent year on year in July while imports increased 14.7 percent, customs data showed on Aug 8.

Monthly trade surplus stood at 321.2 billion yuan ($47.8 billion) in July, up 1.4 percent year on year, according to the General Administration of Customs.

Total foreign trade reached 2.32 trillion yuan last month, up 12.7 percent from a year earlier.

In the first seven months combined, exports increased 14.4 percent year on year while imports rose 24 percent, resulting in a 14.5-percent decline in trade surplus.

Foreign trade in the first seven months totaled 15.46 trillion yuan, up 18.5 percent year on year.

During this period, 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 United States, ASEAN and Japan went up by 20.6 percent, 20.9 percent and 16.9 percent, respectively.

Exports of machinery, electronics and labor-intensive products continued to expand in the first seven months, while the volume of steel exports dropped 28.7 percent year on year to 47.95 million tonnes.

A leading indicator for China’s exports increased from 41.5 to 41.9 month on month in July, signaling positive export potential.