Contrary to expectations, China’s exports increased in July, with imports declining

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Contrary to expectations, China’s exports increased in July, but imports declined year-on-year, according to Chinese customs authorities on Thursday.

Analysts predicted a 2 percent decline in Chinese exports in July after a 1.3 percent drop in June, but exports rose 3.3 percent last month, the best since April.
Imports continued to decline for the third month, but declined from 7.3 percent in June to 5.6 percent in July, lagging behind the expected 8.3 percent.
China’s foreign trade balance was up $ 45.06 billion in July, down slightly from last month’s $ 50.98 billion surplus, analysts had expected $ 40 billion. China’s trade surplus increased 60 percent year-over-year.
In the particularly sensitive US, the foreign trade surplus remained unchanged at $ 28 billion, up from June.
US imports of goods fell 19 percent to $ 10.9 billion on an annualized basis. In June, it fell even higher, 31.4 percent.
Chinese exports to the United States also declined, down 6.5 percent to $ 38.8 billion. In contrast, Chinese shipments to Europe, South Korea, Taiwan and Southeast Asia showed an increase in value.
Following the June “ceasefire,” the US-China trade conflict, which has escalated last week, may not yet be reflected in July figures. On September 1, Washington imposed a 10 percent surcharge on $ 300 billion worth of Chinese non-punished Chinese goods, which Beijing promised to retaliate against. China suspended supplies of US agricultural products this week, and the central bank on Monday allowed the Chinese currency to fall below the $ 7 / $ psychological threshold, and for the first time since Thursday set its average exchange rate below that level.
Analysts are currently not optimistic about a bilateral trade deal, although negotiators between the two countries will meet again in September in the United States.
According to US Goldman Sachs, a trade agreement between China and the United States is not expected until next November’s US presidential election, while Morgan Stanley, a US investment bank, thinks that a customs war between the two powers could crush the global economy by mid-next year.

Record market capitalization of the 100 largest companies in the world The market capitalization of hundreds of the world’s leading listed companies rose to a record $ 21,000 billion, according to PwC’s Global Top 100 Survey.     In the one-year period from April last year, the market capitalization of one hundred leading companies increased by 5 per cent, slowing down from the 10 per cent growth one year earlier.     Technology and online commerce companies continue to dominate the narrow list, with seven companies in the top ten: US, Microsoft, Apple, Amazon, Alphabet and Facebook, plus two Chinese, Alibaba and Tencent .     For the fifth year in a row, 54 percent of the 100 largest companies in the US have increased their market capitalization by over 9 percent in one year.     China ranks second in the Global Top 100 despite Asian companies’ market capitalization declining by 4 percent over the past 12 months.     One year ago, Chinese companies increased their market capitalization by 57 percent. Then three new Chinese companies were placed in the Top 100 and two in the Top 10.     According to the latest PwC list, European companies’ market capitalization fell by 5 percent in one year and three companies fell out of the 100 list.      Microsoft tops the latest hundred list, after being third last year, and its market capitalization increased by $ 202 billion to $ 905 billion in one year.     Last year, Apple topped second place, with $ 45 billion in market capitalization and $ 896 billion in market capitalization.     In the top ten, four other companies are American, Amazon, Alphabet, Berkshire Hathaway and Facebook.     Chinese companies rank seventh and eighth in the list: Alibaba retained its seventh position, while Tencent slipped from last year’s fifth to eighth.     The top two places in the top ten are American companies again: ninth is Johnson & Johnson and tenth is Exxon Mobil.

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