Exports pick up pace in defiance of downturn

Export industries performed strongly last month after spending the first half of the year hampered by shortages of raw materials and Covid-related lockdowns at ports.

China’s outbound shipments grew 18% in July from a year earlier, the fastest pace this year, official customs data showed, beating analysts’ expectations for a 15% gain, though imports remained sluggish.

Analysts had expected China’s exports to fade amid growing signs that Europe, the US, UK and Australia are heading for recession, dampening the outlook for global consumption.