China’s Exports Rise 23.9% YoY as Chip Demand Surges

China's exports rose 23.9% in July from a year earlier, beating analyst forecasts. A worldwide buildout of artificial intelligence (AI) infrastructure lifted demand for the country's chips and high-tech goods.

The gains kept the world's second-largest economy on track through a year of trade shocks. Yet, they also highlight the split between booming factory exports and weak domestic spending.

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AI Chip Boom Powers China's Export Surge

China's exports rose 23.9% year over year in dollar terms in July, slightly ahead of economists' expectations. Reuters-polled analysts had forecast a 22.2% increase, while a separate Bloomberg survey projected a median gain of 23%.

Although exports beat estimates, growth eased from June's 27% jump, which marked the strongest expansion since October 2021.

Imports increased 27.5% during the month. Meanwhile, China's trade surplus totaled $112.5 billion, above market expectations of roughly $107 billion but lower than June's $125.6 billion.

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