China's exports surge 17.8% in July, boosted by chips and electric cars

China's export engine showed robust growth in July, with a 17.8% year-on-year increase in value denominated in yuan, reaching approximately 2.71 trillion yuan (about $401.9 billion). This expansion was significantly bolstered by strong performance in sectors like semiconductors and electric vehicles.

While the overall trend remains upward, this figure represents a slight deceleration compared to June's 20.8% rise. Nevertheless, exports continue to serve as a critical pillar for the world's second-largest economy, particularly as it navigates internal demand issues. The country's imports also saw a substantial jump of 21.2% in July, reaching about 1.95 trillion yuan ($288.2 billion).

The trade surplus widened by 8.79% year-on-year to approximately 767.07 billion yuan ($113.6 billion). Total trade exchanges in July amounted to 4.66 trillion yuan ($690.1 billion), marking a 19.2% increase compared to the same period last year. Data denominated in U.S. dollars showed even stronger growth, with exports up 23.9% and imports surging 27.5%.

“

the 'boom' of Chinese trade slowed slightly in July but the general picture is that both export and import values remain high, driven by soaring demand for electronics