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Trade Trends News
15-08-2024
According to customs data, China's imports in July grew faster than expected, while exports fell short of forecasts.
A survey revealed that imports denominated in U.S. dollars grew by 7.2% in July, significantly higher than the anticipated 3.5%.
According to calculations by CNBC based on official data, China's imports from the U.S. in July surged by 24% year-on-year.
The customs data showed that while imports outperformed expectations, export growth lagged behind.
According to a Reuters survey, exports in July rose by 7% year-on-year in dollar terms, falling short of the expected 9.7%. July's export growth was also slower than the 8.6% increase recorded in June.
Imports in July, calculated in U.S. dollars, grew by 7.2%, far exceeding the expected 3.5%.
Based on data calculated by CNBC from official sources, China's imports from the U.S. rose by 24% year-on-year in July. Imports from the Association of Southeast Asian Nations (ASEAN) grew by 11%, while imports from the European Union increased by 7%.
Year-to-date, China's imports from the U.S. have continued to decline, down by 1.4%, while exports have grown by 2.4%.
In July, China's dollar-denominated exports to the U.S. and the EU increased by about 8% year-on-year, while exports to ASEAN rose by 12%, making ASEAN China's largest trading partner so far this year.
China's exports to Russia, measured in U.S. dollars, declined by 3%, while imports from Russia grew by 5%.
Chinese car exports jumped 26% year-on-year to 553,000 vehicles. Exports of home appliances rose by 17%, and smartphone exports also increased. However, rare earth exports fell by 19%.
China's crude oil imports grew by 8%, while natural gas imports increased by 6%.
When calculated in Chinese yuan, July's exports rose by 6.5% year-on-year, slowing from the previous month. Yuan-denominated imports increased by 6.6%, compared to a 0.6% drop in June.
In June, imports unexpectedly declined due to continued weakness in domestic demand. Despite the drag from the real estate sector and sluggish consumer spending, exports have remained one of the bright spots in China's economy.
China's economy grew by 5% in the first half of the year, but the slowdown in retail sales growth to 2% in June has raised concerns about whether the country's annual GDP target can be achieved.
When asked about stimulus plans for the second half of the year, Chinese officials affirmed the effectiveness of existing measures and emphasized the long-term goals of developing advanced technologies and other "new growth drivers."
An official from China's National Development and Reform Commission noted that the challenges facing the economy stem not only from external factors but also from structural transformation—“a necessary pain in the pursuit of high-quality development."
Tendata provides the following types of customs data:
1. Trade Data
Tendata offers over 10 billion trade records covering 218 countries and regions, accumulating detailed transaction details from over 2 billion trade transactions. This enables precise analysis of the distribution of global target import and export countries, details of import and export customs districts, and the market environment of target countries.
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Tendata's business data covers 198 countries and includes commercial databases for over 230 industries, with data on more than 210 million companies. It covers various aspects of enterprise operations, financial information, competitors, and senior executives. This finely detailed data facilitates in-depth evaluation of the true strength of target customers and expands potential customer base.
3. Cloud Search Data
Tendata's data covers 172 countries and includes contact information for over 700 million companies. In addition to basic information such as company names, official website links, product images, and contact persons, it also integrates information from platforms like LinkedIn and social media, helping foreign trade enterprises gain a panoramic understanding of customers and the market. Furthermore, real-time updated data enables companies to stay informed about market changes and respond promptly.
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