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7 Aug 2024

Econ Digest

China’s export growth slowed to 7.0%YoY in July 2024, while exports to the U.S. continued to accelerate

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  • China’s exports to the U.S. continued to surge by 8.1%YoY in July 2024, driven by concerns that if Mr. Trump were elected as U.S. President, import tariffs on Chinese products might be raised to 60%, benefiting China’s exports to the U.S. in July 2024. However, China’s exports rose 7.0%YoY in July 2024, down from 8.6%YoY in June 2024, resulting in China’s export growth in the first 7 months of 2024 expanding by 4.0%YoY.
  • China's imports expanded by 7.2% in July 2024, boosted by a 16.7%YoY increase in imports of integrated circuits. This growth is likely due to concerns that the U.S. may enforce Foreign Direct Product (FDP) rules or other regulations controlling trade in goods produced by U.S.-related technologies, which could enable the U.S. to suspend exports of semiconductor manufacturing equipment to manufacturers in China.
  • The outlook for China’s exports in the remaining 5 months of 2024 is expected to slow down due to decreased foreign demand for Chinese products after the surge in imports from China over the past 2-3 months, as well as the risk of a global economic slowdown.

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