Customs data showed that "China's exports fell by 14.5 percent year-on-year in July, while imports shrank by 12.4 percent, marking the worst performance for the exports of the world's second-largest economy since February 2020." A Reuters survey of economists had predicted a 12.5 percent drop in exports and a 5 percent decrease in imports. The Chinese economy grew at a slow pace in the second quarter of the year, influenced by weakened demand both domestically and internationally, prompting senior leaders to promise more support.
Regarding imports, customs data indicated that "China's crude oil imports in July increased by 17 percent year-on-year, as domestic inventories continued to rise and fuel exports increased." Data from the General Administration of Customs showed that "total crude shipments in July reached 43.69 million tons, equivalent to 10.29 million barrels per day."
Trade surplus calculations by Reuters based on data from the General Administration of Customs in China revealed that China's trade surplus with the United States reached $30.3 billion in July, up from a surplus of $28.72 billion in June. The calculations showed that the trade surplus between China and the United States totaled $181.8 billion from January to July.
