China’s imports, exports rebound in July

China’s exports rose 5.1% from a year earlier in July while imports gaining 10.9% to 168.17 billion U.S. dollars, General Administration of Customs data showed. Total foreign trade grew 7.8% in July from a year earlier to 354.16 billion US dollars, after it recorded a year-on-year decline of 2% in June, Xinhua reported. The trade surplus narrowed by 29.6% year on year to 17.82 billion US dollars last month, as import gains outpaced export gains, customs data showed. In July, two-way trade with the EU and the United States rose 5 % and 10 % over a year earlier respectively, as compared with a year-on-year drop of 5.4% and 8.3% respectively with the two economies in June. Data from China Federation of Logistics and Purchasing showed that the sub-index for new export orders was up by 1.3 %age points from June to 49% in July. Exports of electronic and machinery products grew by 4% to reach 102.85 billion U.S. dollars in July, accounting for 55.3% of total exports. The proportion was 57.8% in the first half, indicating more efforts in the coming months. China’s economy has been stuck in a protracted weak recovery, easing to 7.5-% growth in the second quarter from 7.7 % in the first three months and 7.9% in the final quarter of 2012.