Chinese exports rose 7.2% in July as the demand for medical supplies was high

China’s dollar-denominated exports showcased a surge of 7.2% while imports dropped 1.4% from a year
ago, according to the data from the country’s General Administration of Customs as showed on Friday.
Economists polled by Reuters had forecasted that China’s dollar-denominated exports to plunge by 0.2%
from a year ago, while imports were expected to have soared 1% from a year ago.
In June, China’s dollar-denominated exports illustrated an ascension of 0.5% compared to a year ago,
and imports jumped 2.7% in the same period.
In July, the largest Asian economy giant posted a trade surplus of $62.33 billion, by going beyond the
$42 billion economists had expected. The trade surplus in China was $46.42 billion in June, as reported
by CNBC.
Despite the fact that the current health crisis has been affecting global demand, exports from China
managed to hold up as exports in medical supplies went up in the first half of the year.
“Much of the recent resilience of exports has been due to shipments of masks, medical products and
work-from-home equipment,” Martin Rasmussen, China economist at Capital Economics, wrote in a
note following the data release.

(Reference: CNBC)