China's U.S.-Bound Shipments Fall in July as June's 14% Tariff Rush Fades
Updated
Updated · CNBC · Jul 30
China's U.S.-Bound Shipments Fall in July as June's 14% Tariff Rush Fades
1 articles · Updated · CNBC · Jul 30
Summary
China Beige Book said U.S.-bound shipments from China fell outright in July, the first decline in several months, based on a July 20-28 survey of 1,436 businesses.
June's 14% jump in shipments to the U.S. had helped overall exports surge 27% as companies frontloaded orders ahead of expected higher U.S. tariffs later this summer.
Factory activity also decelerated in July, with manufacturing posting the weakest employment performance as job growth worsened across all sectors surveyed.
Retail sales fell from both the prior month and a year earlier, with travel and restaurants seeing a sharp annual downturn, adding to pressure on domestic demand.
Beijing's top policymakers on Thursday again stressed boosting domestic demand, expanding trade cooperation and pursuing technology breakthroughs ahead of July trade data on Aug. 7.