China's exports miss expectations in July, while imports pick up with growth of 7.2%

BEIJING — China's imports grew faster-than-expected in July, while export growth came in below forecasts, according to customs data released Wednesday.

Exports in U.S. dollar terms rose by 7% in July from a year ago, missing expectations for a 9.7% increase, according to a Reuters poll. The July figure was also slower than 8.6% growth in June.

U.S. dollar-denominated imports rose in July by 7.2%, far more than the forecast of 3.5%, according to the poll.

China's imports from the U.S. surged by 24% year-on-year in July, according to CNBC calculations of official data. China's imports from the Association of Southeast Asian Nations rose by 11%, while those from the European Union climbed by 7%.

On a year-to-date basis, China's imports from the U.S. remained down, with a drop of 1.4%, while exports were up by 2.4%.

China's U.S. dollar exports to the U.S. and European Union each grew by about 8% year-on-year in July, while those to the Association of Southeast Asian Nations surged by 12%, making the region China's largest trading partner by far.

China's exports to Russia fell by 3% in U.S. dollar terms, while imports rose by 5%.

China's exports of cars rose by 26% year-on-year to 553,000 vehicles. Exports of home appliances climbed by 17%, while exports of smartphones also grew. Rare earths exports fell by 19%.

China's imports of crude oil rose by 8%, while that of natural gas rose by 6%.

In Chinese yuan terms, exports also slowed their growth from June to a 6.5% year-on-year increase in July. Imports denominated in yuan rose by 6.6% in July, up from a 0.6% drop in June.

In June, imports unexpectedly fell as domestic demand remained weak. Amid a drag from real estate and lackluster consumer spending, exports have held up as one of the