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

BEIJING (AP) — China’s export growth continued to rise in July, sending trade surplus to a record high. According to data from China’s customs, China’s exports grew 18% to $333 billion compared to the same period last year, and were up from 17.9% in June. 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 economy has rebounded from earlier in the year, when tough COVID-19 restrictions including a two-month lockdown in Shanghai disrupted manufacturing and logistics.