China’s exports rose 7.5 per cent in July over a year earlier in a positive sign for its economy’s recovery from the coronavirus pandemic. Sales to the United States rose 12.5 per cent despite a lingering tariff war with Washington, customs data showed Friday. Overall, exports rose to USD 237.6 billion, an improvement over June’s 3 per cent gain. Imports weakened by 1.4 per cent to USD 175.3 billion.
China, where the pandemic began in December, was the first economy to shut down to fight the coronavirus and the first to reopen after the ruling Communist Party declared victory over the disease in March.
The Chinese economy, the world’s second-largest, grew by 3.2 per cent over a year earlier in the three months ending in June as factories and stores reopened, rebounding from the previous quarter’s 6.8 per cent contraction.
Chinese exports rebounded faster than the global total, suggesting manufacturers are taking market share from competitors in countries that might still be under restrictions that hamper trade.