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Investing.com-- China’s trade balance shrank more than expected in July, as imports surged unexpectedly while exports came in stronger than expected amid signs of easing trade tensions between Beijing and Washington.
Trade balance fell to a surplus of $98.24 billion, from the $114.77 billion seen in the prior month, customs data showed on Thursday. It was below expectations of a $105.20 billion surplus.
The decline was driven chiefly by an unexpected jump in imports as domestic demand appeared to rebound.
Imports jumped 4.1% y-o-y in dollar terms in July, in contrast with expectations of a 1% decline, and picked up from a 1.1% rise in June.
China’s exports climbed 7.2% y-o-y in July, much more than expectations of 5.4% and higher than the 5.8% rise seen in the prior month.
Exports recovered further amid easing tariff tensions after Beijing and Washington agreed in mid-May to slash their respective trade tariffs. Both sides confirmed the agreement in June.