China's international trade experiences strong growth in July, runs large surplus
(MENAFN) In July 2024, China's international trade in goods and services witnessed a substantial increase, reaching approximately 4.24 trillion yuan, a 12 percent year-on-year growth, according to data released by the State Administration of Foreign Exchange. In dollar terms, the country's exports stood at USD317.5 billion, while imports were valued at USD276.4 billion, resulting in a significant trade surplus of USD41.1 billion. This growth reflects China's ongoing efforts to strengthen its trade position despite global economic uncertainties.
Breaking down the figures further, the value of goods exports in July reached about 2.04 trillion yuan, while imports totaled around 1.6 trillion yuan, leading to a goods trade surplus of 431.6 billion yuan. This surplus highlights China's strong performance in the global goods market, driven by sustained demand for Chinese products abroad. However, the picture is more nuanced in the services sector. The value of service exports was 228.8 billion yuan, while service imports were significantly higher at 367.1 billion yuan, resulting in a service trade deficit of 138.2 billion yuan. The deficit in services suggests challenges in sectors such as tourism, transport, and intellectual property, where imports continue to outweigh exports.
Overall, China's trade data for July underscores a mixed but largely positive trend. While the surplus in goods trade continues to bolster the country's international trade standing, the deficit in services indicates areas where improvement is needed. These figures reflect the dynamics of China's ongoing efforts to balance its trade portfolio amid a complex global economic landscape.
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