Foreign Trade Surplus in China
China recorded a record trade surplus. Exports increased by 18 percent and imports by 2.3 percent compared to July last year. The foreign trade surplus hit an all-time high of 101.26 billion dollars in July.
According to the statements made by the General Administration of Customs of China, exports in July increased by 18 percent to 333 billion dollars and imports increased by 2.3 percent to 231.7 billion dollars.
Exports in the country increased above expectations after a 17.9 percent increase in June, while imports failed to reach expectations and remained below the level.
It was noted that the largest share of China's foreign trade in the period in question was made up of the Association of Southeast Asian Nations (ASEAN), European Union (EU) countries and the USA.
China's trade with Russia, which has faced Western economic sanctions following Russia
's invasion of Ukraine, continued to increase in July. China's exports to Russia increased by 22.2 percent year-on-year, while its imports from Russia rose to 49.3 percent.
This increase in exports raised hopes that the Chinese economy is recovering after the coronavirus outbreaks. At the same time, the stagnation in imports in the country raised concerns that the negative effects are still not overcome.