China’s exports surge 7% in July, less than forecasts, while imports pick up momentum | Elaine Kurtenbach / AP Business Writer

Chinese leaders have ramped up investment in manufacturing to rev up an economy that stalled during the pandemic and is still growing more slowly than hoped. But moves to tame inflation by raising interest rates have bit into consumer demand in affluent Western countries.

Exports totaled $300.6 billion in July, expanding at the slowest pace in three months and leaving a trade surplus for July of $84.7 billion. That was down from a record $99.1 billion the month before, but the surplus rose nearly 8 percent in January-July from the same period a year earlier. China’s exports are forecast to weaken in coming months as sharp hikes in US and European tariffs on electric vehicles take effect. As reports said freighters have been seen carrying big shipments of vehicles to European ports to try to beat those duties, exports of vehicles rose 18 percent in the first seven months of the year from the same period in 2023.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Japan’s Nikkei index soars nearly 11% a day after massive sell-offs that shook Wall Street | Elaine Kurtenbach / AP Business WriterJapan’s benchmark Nikkei 225 index closed more than 10 percent higher on Tuesday, a day after it set markets tumbling in Europe and on Wall Street. Other markets in Asia also rebounded, but more moderately, appearing to settle somewhat after the rollercoaster ride that started the week.
Source: BusinessMirror - 🏆 19. / 59 Read more »