China’s U.S. dollar-denominated exports rose a better-than-expected 7.2% in July from a year ago, fueled by increased demand for medical supplies.
Despite the global pandemic, exports from China have held up as exports in medical supplies jumped in the first half of the year. The trend continued in July as China’s stimulus-led recovery gained momentum and countries around the world sought medical supplies to help battle
COVID-19.
Economists polled by Reuters had expected China’s dollar-denominated exports to fall by 0.2% from a year ago in July, while imports were predicted to have risen 1% on an annual basis.
However, China posted a trade surplus of $62.33 billion U.S. in July, beating the $42 billion economists had forecast. China’s trade surplus was $46.42 billion in June.
During the month of June, China’s dollar-denominated exports posted a rise of 0.5% compared to a year ago, and imports rose 2.7% in
the same period.
