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Qatar Tribune
a day ago
- Business
- Qatar Tribune
China says trade jumped in July, beating forecasts
Agencies China's exports beat expectations and rose 7.2 percent year-on-year in July, official data showed Thursday, as overseas shipments buoyed its struggling economy even as it navigated a shaky trade war truce with the United States. The two economic superpowers agreed in Stockholm last month to hold further talks on extending the tariff truce. That deal has temporarily set fresh U.S. duties on Chinese goods at 30 percent, while Beijing's levies on U.S. goods stand at 10 percent. The accord -- initially agreed in Geneva in May -- brought down triple-digit tariffs each side had imposed on the other after Donald Trump launched his 'Liberation Day' levies on April 2. The 90-day truce is set to end on August 12, when the original duties could snap back. U.S. Trade Representative Jamieson Greer said following the Stockholm talks that Trump would have the 'final say' on any extension of a tariffs truce between Washington and Beijing. Higher tariffs on dozens of trading partners -- including a blistering 35 percent on Canada -- came into force Thursday as Trump seeks to reshape global trade to benefit the U.S. has also threatened to impose 100 percent tariffs on semiconductor imports. Thursday's data showing an increase in China's overseas shipments last month outpaced a Bloomberg forecast of 5.6 percent. But the figures also showed that China's exports to the United States, its largest trading partner, continued to fall, sinking 6.1 percent from the previous month. And imports -- a key gauge of struggling domestic demand -- jumped 4.1 percent year-on-year in July, compared with a Bloomberg forecast of a one-percent Zhang, president and chief economist at Pinpoint Asset Management, said the data showed 'exports supported the economy strongly so far this year'. 'Export growth may slow in coming months, as the front loading of exports due to US tariffs fades away,' he said. 'The big question is how much China's exports will slow and how it would spill over to the rest of the economy.' Beijing has said an official goal of around five percent growth this year. But it has struggled to maintain a strong economic recovery from the pandemic, as it fights a debt crisis in its massive property sector, chronically low consumption and elevated youth unemployment.
BusinessToday
2 days ago
- Business
- BusinessToday
China Says Consumer Price Stable In July
Consumer prices in China remained stable in July, official data showed on Saturday (Aug 9), providing a respite for the world's second-largest economy, which is facing strong deflationary pressure and fragile domestic demand. The consumer price index (CPI) – a key measure of inflation – was unchanged year-on-year in July, according to data released by China's National Bureau of Statistics. The reading was better than the 0.1 per cent fall forecast in a survey of economists by nevertheless fell year-on-year in rural areas (down 0.3 per cent) and for consumer goods (down 0.4 per cent). While deflation may be appreciated by consumers, it poses a threat to the broader economy as households tend to postpone purchases in the hope of even lower a long-term crisis in the real estate sector and high youth unemployment have been weighing on Chinese consumer sentiment for several years. The situation has worsened with the heightened turmoil sparked by US President Donald Trump's trade war. After four consecutive months of decline, prices nevertheless rebounded in June. 'The downward trend of car and phone prices improved, which contributed to the rise of core CPI,' Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said. 'Nonetheless it is still unclear if this is the end of deflation in China,' he said. 'The property sector has not stabilised. The economy is still supported more by external demand than domestic consumption,' he noted. In another alarming sign, Chinese factory gate prices saw another fall in July. The producer price index declined 3.6 per cent year-on-year in July, following a similar decline in June. This decline, which has been ongoing for almost three years, means reduced margins for companies engaged in a fierce price war that authorities are trying to curb. This week, China recorded a rebound in its foreign trade in July compared to last year. But the tariff truce between Beijing and Washington is due to end on Tuesday, at which point US tariffs could return to higher levels. AFP
Japan Today
3 days ago
- Business
- Japan Today
China says trade jumped in July, beating forecasts
China and the United States agreed in Stockholm last month to hold further on extending their tariff truce China's exports beat expectations and rose 7.2 percent year-on-year in July, official data showed Thursday, as overseas shipments buoyed its struggling economy even as it navigated a shaky trade war truce with the United States. The two economic superpowers agreed in Stockholm last month to hold further talks on extending the tariff truce. That deal has temporarily set fresh U.S. duties on Chinese goods at 30 percent, while Beijing's levies on U.S. goods stand at 10 percent. The accord -- initially agreed in Geneva in May -- brought down triple-digit tariffs each side had imposed on the other after Donald Trump launched his "Liberation Day" levies on April 2. The 90-day truce is set to end on August 12, when the original duties could snap back. U.S. Trade Representative Jamieson Greer said following the Stockholm talks that Trump would have the "final say" on any extension of a tariffs truce between Washington and Beijing. Higher tariffs on dozens of trading partners -- including a blistering 35 percent on Canada -- came into force Thursday as Trump seeks to reshape global trade to benefit the U.S. economy. He has also threatened to impose 100 percent tariffs on semiconductor imports. Thursday's data showing an increase in China's overseas shipments last month outpaced a Bloomberg forecast of 5.6 percent. But the figures also showed that China's exports to the United States, its largest trading partner, continued to fall, sinking 6.1 percent from the previous month. And imports -- a key gauge of struggling domestic demand -- jumped 4.1 percent year-on-year in July, compared with a Bloomberg forecast of a one-percent fall. Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said the data showed "exports supported the economy strongly so far this year". "Export growth may slow in coming months, as the front loading of exports due to US tariffs fades away," he said. "The big question is how much China's exports will slow and how it would spill over to the rest of the economy." Beijing has said an official goal of around five percent growth this year. But it has struggled to maintain a strong economic recovery from the pandemic, as it fights a debt crisis in its massive property sector, chronically low consumption and elevated youth unemployment. Factory output shrank more than expected in July, data showed last week. © 2025 AFP
Yahoo
4 days ago
- Business
- Yahoo
China exports top forecasts as EU, ASEAN shipments offset US drop
China's exports rose more than expected last month, with official data on Thursday showing a jump in shipments to the European Union and other markets offset a drop in those to the United States. The figures come as Beijing and Washington navigate a shaky trade war truce and will provide a boost to the country's leaders as they look to kickstart an economy beset by weak domestic consumption. The reading showed that exports jumped 7.2 percent in July, an improvement on the previous month and much better than the 5.6 percent forecast in a survey of economists by Bloomberg. The report revealed that US-bound goods sank 21.7 percent year-on-year as Donald Trump's levies -- while down from the eye-watering levels initially announced -- kicked in. However, exports to the European Union jumped 9.2 percent and those to the Association of Southeast Asian nations rose 16.6 percent. Southeast Asia and China have deeply interwoven supply chains and Washington has long accused Chinese manufacturers of "transshipping" -- having products pass through a country to avoid harsher trade barriers elsewhere. In another welcome signal for China's leaders, imports -- a key gauge of struggling domestic demand -- jumped 4.1 percent on-year in July, compared with a Bloomberg forecast of a one-percent fall. Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said the data showed "exports supported the economy strongly so far this year". "Export growth may slow in coming months, as the front loading of exports due to US tariffs fades away," he said. "The big question is how much China's exports will slow and how it would spill over to the rest of the economy," he said. Beijing has set an official goal of around five percent growth this year. But it has struggled to maintain a strong economic recovery from the pandemic, as it fights a debt crisis in its massive property sector, chronically low consumption and elevated youth unemployment. - Further US talks - Factory output shrank more than expected in July, data showed last week, logging its fourth straight month of contraction in a further sign that trade tensions were hitting the export-dependent economy. But the economic superpowers are working to reach a deal to lower trade tensions. The two hammered out a 90-day truce in May, and last month in Stockholm agreed to hold further talks on extending the ceasefire past an August 12 deadline. That pact has temporarily set fresh US duties on Chinese goods at 30 percent, while Beijing's levies on US products stand at 10 percent. US Trade Representative Jamieson Greer said following the Stockholm talks that Trump would have the "final say" on any extension of a tariffs truce. Higher tariffs on dozens of trading partners -- including a blistering 35 percent on Canada -- also came into force Thursday as Trump seeks to reshape global trade to benefit the US economy. China's dominance in the critical field of rare earths has also been a key point of contention with Washington, and Beijing's recent restrictions on their export have sounded alarm bells at factories in the United States and elsewhere. Official data showed Thursday that Chinese exports of the elements receded last month from a June spike, though they remained high compared to recent years. Analysts say China's trade will face significant hurdles in the latter half of the year as uncertainties linger. "Exports look set to remain under pressure in the near-term," wrote Zichun Huang, China Economist at Capital Economics, in a note Thursday. And while "import growth surprised in July, this may reflect inventory building for certain commodities rather than a wider pick-up in domestic demand", she added. pfc-isk/oho/dan Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Iraqi News
4 days ago
- Business
- Iraqi News
China says trade jumped in July, beating forecasts
Beijing – China's exports beat expectations and rose 7.2 percent year-on-year in July, official data showed Thursday, as overseas shipments buoyed its struggling economy even as it navigated a shaky trade war truce with the United States. The two economic superpowers agreed in Stockholm last month to hold further talks on extending the tariff truce. That deal has temporarily set fresh US duties on Chinese goods at 30 percent, while Beijing's levies on US goods stand at 10 percent. The accord — initially agreed in Geneva in May — brought down triple-digit tariffs each side had imposed on the other after Donald Trump launched his 'Liberation Day' levies on April 2. The 90-day truce is set to end on August 12, when the original duties could snap back. US Trade Representative Jamieson Greer said following the Stockholm talks that Trump would have the 'final say' on any extension of a tariffs truce between Washington and Beijing. Higher tariffs on dozens of trading partners — including a blistering 35 percent on Canada — came into force Thursday as Trump seeks to reshape global trade to benefit the US economy. He has also threatened to impose 100 percent tariffs on semiconductor imports. Thursday's data showing an increase in China's overseas shipments last month outpaced a Bloomberg forecast of 5.6 percent. But the figures also showed that China's exports to the United States, its largest trading partner, continued to fall, sinking 6.1 percent from the previous month. And imports — a key gauge of struggling domestic demand — jumped 4.1 percent year-on-year in July, compared with a Bloomberg forecast of a one-percent fall. Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said the data showed 'exports supported the economy strongly so far this year'. 'Export growth may slow in coming months, as the front loading of exports due to US tariffs fades away,' he said. 'The big question is how much China's exports will slow and how it would spill over to the rest of the economy,' he said. Beijing has said an official goal of around five percent growth this year. But it has struggled to maintain a strong economic recovery from the pandemic, as it fights a debt crisis in its massive property sector, chronically low consumption and elevated youth unemployment. Factory output shrank more than expected in July, data showed last week.
