China’s exports grow 7% in July, under forecasts, while imports gain momentum

AP Business Writer

BANGKOK (AP) — China has reported its exports rose 7% in July from a year earlier, below economists’ forecasts for growth closer to 10%. Imports climbed 7.2%, gaining momentum on stronger trade with other Asian countries. Exports to the United States rose 2.4% year-on-year, while shipments to Southeast Asian countries, now Beijing’s biggest trading partner overall, jumped 11%. China’s trade surplus for July was $84.7 billion, down from a record $99.1 billion the month before. China’s exports are forecast to weaken in coming months as sharp hikes in U.S. and European tariffs on electric vehicles take effect. In January-July, China’s exports rose 4% from a year earlier, while imports climbed 2.8% as growth in consumer demand remained muted.