China exports top forecasts as EU, ASEAN shipments offset US drop

CHINA'S exports rose more than expected last month, with official data yesterday showing a jump in shipments to the EU and other markets offset a drop in those to the US.

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The figures come as Beijing and Washington navigate a shaky trade war truce and will provide a boost to the country’s leaders as they look to kickstart an economy beset by weak domestic consumption.

The reading showed that exports jumped 7.2 percent in July, an improvement on the previous month and much better than the 5.6 percent forecast in a survey of economists by Bloomberg.

The report revealed that US-bound goods sank 21.7 percent year-on-year as Donald Trump’s levies while down from the eye-watering levels initially announced - kicked in.

However, exports to the EU jumped 9.2 percent and those to the Association of Southeast Asian nations rose 16.6 percent.