Home China Exports Hit $237.6bn Value in July, a 7.2% Jump Year-on-year
Uncategorized

China Exports Hit $237.6bn Value in July, a 7.2% Jump Year-on-year

China export-BuyShares.co.nz

Chinese trade was severely hit after the coronavirus outbreak as the authorities locked down major cities to slow the virus spread. However, with more and more countries lifting COVID-19 restrictions, China exports have witnessed unexpected growth rates in the last few months.

According to data presented by Buy Shares, China exports hit $237.6bn value in July, a 7.2% jump year-on-year.

Record Shipments of Medical Supplies and Surge in Demand for Electronic Products

China’s economic development has largely profited from its export-led growth strategy. In 2013, the country overtook the United States as the world’s largest trading nation, with more than $2.2trn export value of goods that year, revealed the World Trade Organization data.

The increasing trend continued in the next twelve months, with the combined value of exported goods jumping over $2.3trn by the end of 2014. In 2016, China exports plunged 25%, falling to $2.09trn, the sharpest drop since the 2008 financial crisis. However, during the next year, the export demand recovered, reaching over $2.2trn value. Statistics show the total export value continued rising, reaching over $2.4trn in 2018, a 10% jump year-on-year.

The World Trade data showed that in 2019, China exported nearly $2.5trn worth of goods. However, this was only a 0.5% increase year-on-year, mostly due to the sharp fall in sales in the US market amid ongoing trade tensions. Nevertheless, the US and the EU remained China’s most significant export partners, with a 17% market share each. Hong Kong ranked as the third-largest destination for China’s shipments with an 11% share. Statistics also showed automatic data processing machines, textiles, and mobile phones were among China’s top export goods last year.

In January 2020, the total value of monthly exports from China hit nearly $292.5bn value, revealed the China Customs data. However, due to the coronavirus lockdown, this figure stumbled to $185.1bn in March, almost a 37% plunge in two months.

With the global demand improving and more countries lifting COVID-19 related restrictions, China exports recovered to $206.8bn in May. The increasing trend continued by the end of July, with the combined value of monthly exports rising to $237.6bn, a $37.4bn increase in two months.

The country’s exports have been boosted by record shipments of medical supplies and surge in demand for electronic products. Statistics show that in July, exports to Australia jumped 15.8%. The ASEAN countries and the United States followed with 14.1% and 12.1% increase, respectively. However, sales to Japan fell 2% last month.

China’s Monthly Trade Surplus Jumped to $62.3bn in July

As the world’s largest importer, China has witnessed a surge in the import demand in the first two months of 2020, with the combined value of imported goods rising to almost $300bn, a $108bn jump since December 2019. However, statistics show this figure dropped by 44% in the next 30 days, falling to $165.2bn in March. In July, the total value of imports to China amounted to around $175.3bn, a 0.6% increase year-on-year.

The China Customs data show the monthly trade surplus, as a major growth factor for an economy, also recovered after a sharp fall in the first two months of the year. In early 2020, China reported a monthly trade deficit of $7.1bn, the first time since March 2018.

However, statistics show that in March, the monthly trade balance of goods recovered to $19.9bn, and continued rising ever since. In July, the trade surplus in China amounted to $62.3bn, a 41% increase year-on-year.

Question & Answers (0)

Have a question? Our panel of experts will answer your queries. Post my Question

Leave a Comment

Write a Review

Your email address will not be published. Required fields are marked *

Jastra Kranjec

Jastra Kranjec

Jastra is an editor, writer, and PR specialist with years of experience in the news, research, and report writing. Over the years, she has worked in different fields of journalism and public relations, including politics, economy, and financial markets.

Latest News

IPO deals in Q1 2021-BuyShares.co.uk
Uncategorized

Global IPO Deals Surged by 525% YoY and Hit $201B Value in Q1 2021

Music streaming revenues in 2021-BuyShares.co.nz
Uncategorized

Music Streaming Revenues to Hit $23B in 2021, a 50% Jump Compared to pre-COVID-19 Figures

Like many other sectors, the music industry has been significantly affected by COVID-19, with the massive cancelation of live events and huge ticket sales revenue drops amid the lockdown. With earnings from live music events shrunk to the lowest level in history, artists increasingly rely on income from streaming platforms. According to data presented by...

Software startups funding-BuyShares.co.nz
Uncategorized

Software Startups Raised $176.7B in Total Funding, a 27% Increase YoY

Software solutions have entered all aspects of life in the digital age, with millions of individuals and businesses relying on operating systems and apps to carry out daily tasks. The entire sector’s growth has been followed by the increasing number of software startups searching for a way to raise capital and expand their growth. According...

App Store revenues in 2020-BuyShares.co.nz
Uncategorized

App Store Revenues Surged by 30% YoY and Hit $72.3B in 2020

10 Startups by Largest VC Funding Raised $9B in Q4, 2020, China Accounts For 50%
Uncategorized

10 Startups by Largest VC Funding Raised $9B in Q4, 2020, China Accounts For 50%

Global Interest in Nio Stock Grows by 284% led by Singapore, Canada, and the US
Uncategorized

Global Interest in Nio Stock Grows by 284% led by Singapore, Canada, and the US

Internet of Things revenue-BuyShares.co.uk
Uncategorized

Global Internet of Things (IoT) Revenues to Jump by 53% and Hit $677B by 2025