Outbound shipments have been one of the few bright spots for the Chinese economy in 2022, as widespread lockdowns hit businesses and consumers hard.
Containers are seen at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, China February 13, 2017. REUTERS/Aly SongChina July exports grow at faster pace, beat forecastWeak foreign demand adds stress to trade, economic outlook
Outbound shipments have been one of the few bright spots for the Chinese economy in 2022, as widespread lockdowns hit businesses and consumers hard and the once mighty property market lurches from crisis to crisis."China's export growth surprised again on the upside. continues to help China's economy in a difficult year as domestic demand remains sluggish," said Zhiwei Zhang, chief economist at Pinpoint Asset Management.
China's official manufacturing survey indicated activity contracted last month, raising fears that the economy's recovery from lockdowns in spring will be slower and bumpier than expected.But there were signs that transport and supply chain disruptions caused by COVID restrictions were continuing to ease, just in time for shippers preparing for peak year-end shopping demand.
Still, while export growth remained high, mainly backed by price factors, the volume of exported goods dropped in July, said Chang Ran, a senior analyst at Zhixin Investment Research Institute. "Despite an uptick in domestic demand amid loosening COVID control measures, the weak performance of the production side dragged on imports," said Xu Shuzheng, a researcher at CITIC Securities, adding that COVID flare-ups may hinder the economy's recovery.
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