China’s export industries put in a strong performance last month after spending the first half of the year hampered by shortages of raw materials and pandemic-related lockdowns at major ports.
Offering an encouraging boost to the economy, outbound shipments grew 18% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, beating analysts’ expectations for a 15% gain, though imports remained sluggish. Analysts had expected exports to fade amid growing signs that Europe, the US, UK and Australia are heading for recession, dampening the outlook for global consumption.
Foreign trade container shipping docking at eight major Chinese ports rose 14.5% in July, speeding up from the 8.4% gain in June, according to data released by the domestic port association.
Container throughput at Shanghai port, one of the worst-hit by Covid-related lockdowns, reached a record high in July.
The export data is likely to cheer Chinese leaders who have come under pressure following a general economic slowdown many have blamed on a weakening property market.
A boom in property development in recent years has resulted in a mountain of debt triggering a wave of bankruptcies across the construction and related industries.
S&P Global rating agency said last month property sales in China could fall by one-third this year, as people lose faith in the market and pressure increases on struggling developers to complete pre-sold apartments.
China’s central bank has sought to ease borrowing rules to make sky-high property values more affordable and prevent further corporate insolvencies. Local governments have also expanded new infrastructure projects to boost domestic business activity.
However, many analysts remainRead more on theguardian.com