Chinese AI exports exceeds forecasts

Chinese customs data show that China's exports in July grew by 23.9% year-on-year, surpassing market expectations of 22.2%. This growth was driven by sustained high global demand for technology products, especially semiconductors and electronic chips, supported by investments in data centers and artificial intelligence. While imports also exceeded expectations with a 27.5% increase, the trade surplus slightly declined to $112.5 billion. Exports to the United States rose by 17%, and exports to the European Union increased by 16%. The growth is mainly attributed to demand for tech products, although some of the increases may have been due to shipment lead times before the implementation of new US tariffs, which is expected to slow down in the coming months. The Chinese economy continues to rely on external demand to offset weak domestic consumption and a decline in investment in the real estate sector, amid an economic growth rate below the government's target.

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