Chinese Exports Are Expected to Remain Stable in July, Despite Growing Trade Tension

Forex News

Economists expect, that China’s exports wasn’t hit significantly in July, despite growing trade tension between US and China. Analysts say that tariffs on $34 billion of China's exports to the United States, which went into effect on July 6, so far are not having a significant impact on overall Chinese exports.

According to forecasts, exports are predicted to have risen 10% yoy in July, compared to 11.2% growth in June. Meanwhile, China's imports are expected to have risen 16.2% in July, picking up from 14.1% growth in June.

Markets will be closely watching the data on two-way trade between the world's two biggest economies, as well as China's trade surplus with the United States. China's overall trade surplus is forecast to fall to $39.33 billion in July, from $41.61 billion in June, though that amount would be China's second-highest surplus of the year.

Last week, Chinese government released a list of $60 billion in US goods that Beijing intends to hit with tariffs, in retaliation for Trump’s plan to impose duties on $200 billion in Chinese imports.