China’s imports growing at a faster-than-expected clip in July-August 2024
China’s imports surged, again climbed 8.4% in august 2024, the country domestic demand showed positive sign, imports growing at a faster-than-expected clip in July-August 2024. Customs data on Wednesday showed China’s imports beats forecasts. Look at this recent article from Reuters
The brighter imports figures were China Imports rose at a robust 7.2% rate, reversing a 2.3% decline in June and marking the strongest performance in three months. It also beat analysts' expectations of a 3.5% rise.
Underpinned by Chinese firms' rush to purchase chips ahead of expectations of further United States curbs on chips exports to the Asian giant, said Xing Zhaopeng, senior China strategist at ANZ.
Imports of crude oil dropped in July to their lowest since September 2022, while those of iron ore and soybeans climbed from a year earlier
"Looking ahead, the upward trade cycle may have ended. Both imports and exports are expected to slow down in the third quarter."......See more from Reuters here
Overall, China imports beat forecasts in 2024, foreign trade surges demonstrated significant growth, with total trade volume at US$516.46 billion, marking a 7.1% year-on-year increase.
Especially, dollar-denominated imports exceeded expectations, rising 7.2% year-on-year, far more than the forecasted 3.5% expansion in July, according to new customs data.
China has achieved a noticeable pick up in trade, despite challenging, China’s imports from the US raised by 24% year-on-year in July, while imports from the ASEAN region and the European Union rose by 11 % and 7%, respectively.
The positive July data suggest that China is on track to accelerate its economic recovery and achieve stable growth amid global uncertainties. Additionally, China’s imports of crude oil and natural gas increased by 8% and 6% respectively year-on-year.
From more than expected July’s statistics indicate that the first seven months of 2024, with foreign trade surging and imports exceeding forecasts, retail sales and online goods sales demonstrate an emerging recovery in consumer demand. China is navigating its economic transition with incremental gains.
