Chinese Exports Grew Less Rapidly in July
The export of goods from China grew less fast on an annual basis in July than in previous months.
This is partly due to the rise of the Delta variant of the coronavirus, which is causing an increase in cases of illness and more corona measures not only in Europe but also in, for example, the United States and various Asian countries.
The outbreak in Asian countries such as Vietnam is causing problems in the supply chains of Chinese companies. In addition, China also suffered from new local corona outbreaks and extreme weather such as rain that led to flooding. This made the transport of products and raw materials more complex and more expensive.
In addition, due to the rising prices of specific products such as foodstuffs, China put the brakes on exports. The country did this to ensure that sufficient availability would remain within its own national borders.
The export of products eventually rose by 19.3 percent compared to July last year. However, imports of products increased by 28.1 percent. This is partly due to high demand from the Chinese population and the high prices for raw materials. For example, China imported less coal and iron ore, but the value was higher. The purchase of 25 aircraft by Chinese airlines also helped the import value.