China’s exports rose only 1% in July, another sign of a sharp deceleration of economic activity around the world. Imports moved higher by 4.7%, so at least there is some hope this will fuel future growth in Chinese factory production or activity by China’s huge middle-class consumer population, which numbers 200 million. China’s trade surplus for the month was $25.1 billion.
No matter how economists want to spin the surplus number, the export figure cannot be explained or argued away. As China is the world’s second-largest economy based on gross domestic product, and the world’s manufacturing stronghold, a problem with its exports is a clear sign that its major trade partners, including the United States, the European Union and Japan, have fallen into deeper and deeper economic holes.
Douglas A. McIntyre
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