China’s exports rose 23.9% year over year in July, beating analyst forecasts that had projected a 22.2% increase. Worldwide demand for AI infrastructure drove chip and high-tech goods shipments, with semiconductor exports nearly doubling over the first seven months of the year. In July alone, chip shipments climbed 117%, helping China post a trade surplus of $112.5 billion. However, this export strength masks weakness in domestic demand, as the economy grew just 4.3% in the second quarter, its slowest pace since late 2022, while retail sales rose only 1% in June.
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