Cargo ships loaded with cars and containers for export are departing at the port of Yantai in Yantai, China, on July 31, 2024.
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BEIJING — China’s imports grew faster-than-expected in July, while export growth came in below forecasts, according to customs data released Wednesday.
Exports in U.S. dollar terms rose by 7% in July from a year ago, missing expectations for a 9.7% increase, according to a Reuters poll.
U.S. dollar-denominated imports rose by 7.2%, far more than the forecast of 3.5%, according to the poll.
In June, imports unexpectedly fell as domestic demand remained weak. Amid a drag from real estate and lackluster consumer spending, exports have held up as one of the bright spots in China’s economy.
China’s economy grew by 5% in the first half of the year, but June saw a slowdown in retail sales growth to 2%, raising doubts about reaching the full-year GDP target.
When asked last week about stimulus plans for the second half of the year, Chinese officials affirmed existing measures and emphasized longer-term goals to develop advanced technology and other “new growth drivers.”
An official from the National Development and Reform Commission, China’s economic planning agency, noted the economy faces challenges not only from the external environment but also from structural transformation — “pain that must be experienced in the process of pushing for high-quality development.” That’s according to a CNBC translation of the Mandarin-language remarks.
This is a breaking news story. Please check back for updates.