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China’s share of exports to non-U.S. markets rose visibly to 89% in July, up from 85% last year and its exporters are likely selling more high-value added products to a global market, Barclays analysts wrote in a note.
The improvement in July exports appears at odds with the analysts’ high-frequency shipping data, which showed some moderation in July. Exports of high value-added products, such as semiconductors, drones, lithium-ion batteries, ships, outperformed low-value added products by a wide margin, Barclays said.
Similar divergence was observed in July’s PMI and June industrial production data, they said, adding that the strong export performance suggests Chinese exporters are actively seeking alternative buyers and diversifying their markets.
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