China’s dollar-denominated exports rose 7.2% while imports fell 1.4% from a year ago, data from the country’s General Administration of Customs showed on Friday.
Economists polled by Reuters had expected China’s dollar-denominated exports to fall by 0.2% from a year ago, while imports were predicted to have risen 1% from a year ago.
In June, China’s dollar-denominated exports posted a rise of 0.5% compared to a year ago, and imports rose 2.7% in the same period.
In July, China posted a trade surplus of $62.33 billion, beating the $42 billion economists had expected. China’s trade surplus was $46.42 billion in June.
Despite the coronavirus pandemic hitting global demand, exports from China have held up as exports in medical supplies jumped in the first half of the year.
Senior U.S. and Chinese officials are reportedly expected to review the implementation of their phase one trade deal next week.
This is a developing story. Please check back for updates.