Exports in China increased by 18 percent and imports by 2.3 percent in July compared to the same period last year. Foreign trade surplus reached an all-time high of 101.26 billion dollars in July. According to the data of the General Administration of Customs of China, in July, exports increased by 18 percent to 333 billion dollars, and imports increased by 2.3 percent to 231.7 billion dollars.
Exports increased above expectations following the 17.9 percent increase in June, while imports fell short of expectations.
Exports to Russia exceeded 22 percent. Foreign trade surplus reached an all-time high of 101.26 billion dollars in July. In the said period, the largest share in China’s foreign trade was formed by the Association of Southeast Asian Nations (ASEAN), European Union (EU) countries and the USA. China’s trade with Russia, which faced Western economic sanctions in the wake of the Ukraine war, continued to increase in July.
China’s exports to Russia increased by 22.2 percent on an annual basis, while imports from Russia increased by 49.3 percent.
The continuation of the acceleration in exports raised hopes that the Chinese economy has started to recover after the Kovid-19 outbreaks, while the calmness in imports brought up concerns that the negative effects were still not overcome. Due to the epidemics triggered by the events carrying the Omicron variant in China, the negative impact of the closure measures and restrictions on the economy was felt in the spring months, especially in Shanghai, the largest city of the country, in large cities with large populations and housing critical business lines.
The economic performance, measured in many areas, fell to the lowest levels seen since the beginning of 2020, when the first effects of the Kovid-19 epidemic were felt.
