China’s foreign trade value was up 6.5% YoY to RMB2.93 trillion in July. More specifically, export value was up 10.4% YoY to RMB1.69 trillion, and import value was up 1.6% YoY to RMB1.24 trillion, making trade surplus grow 45.9% YoY to RMB442.23 billion, according to data issued by the General Administration of Customs. Export performance was better than expected. Further, external demand is forecast to rebound gradually as overseas firms are speeding up resumption of normal operation.

   The Purchasing Managers' Index (PMI) for the manufacturing sector of the world’s major economies rebounded continually, and China’s new export order index rose for three consecutive months. Hence, export value of China is likely to maintain positive growth in August, when import value may gain a small positive growth given domestic economic recovery, rising investment and consumption, stabilized bulk commodity prices, etc.