China's export growth unexpectedly picked up speed in July,
offering an encouraging boost to the economy as its struggles to recover from a COVID-induced slump, but weakening global demand could start to drag on shipments in coming months.
China's official manufacturing survey indicated activity contracted last month, raising fears that the economy's recovery from lockdowns in spring will be slower and bumpier than expected.But there were signs that transport and supply chain disruptions caused by COVID restrictions were continuing to ease, just in time for shippers preparing for peak year-end shopping demand.
Still, while export growth remained high, mainly backed by price factors, the volume of exported goods dropped in July, said Chang Ran, a senior analyst at Zhixin Investment Research Institute. Crude oil imports in July fell 9.5% from a year earlier as fuel demand recovered more slowly than expected due to virus outbreaks.
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