China exports jump a surprise 7.2% in July driven by rising demand for medical supplies, despite Trump's 'tech grenade'

Xinhua News Agency/Getty

• China's exports for July jumped 7.2% thanks to rising demand for medical goods and automobiles as COVID-19 restrictions relax around the world, data showed on Friday.
• Analysts had expected exports to fall by 0.6%.
• However, a steady rise in external demand for China's exports is unlikely to last long since COVID-19 clusters have emerged since late July and might hamper trade, according to ING's think tank.
• China's strong data came as Donald Trump "lobbed another tech grenade in his cold war with Beijing," by banning US firms from business transactions with the parent companies of TikTok and WeChat.
• Visit Business Insider's homepage for more stories.

China posted an unexpectedly strong 7.2% jump in exports for July, driven by demand for medical supplies and automobiles, according to data released by the country's customs authority on Friday.

Analysts polled by ING's think tank had expected a fall of 0.6%. Meanwhile, China's imports for July fell 1.4% year-on-year.

See the rest of the story at Business Insider

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