China's July Imports Surge, Exceeding Expectations While Export Growth Slows. U.S. Imports to China Skyrocket by 24%.

China's imports grew faster than expected in July, while export growth lagged behind forecasts, according to customs data. Exports rose in US dollar terms by 7% year-on-year in July, missing forecast and declining from in June. Imports were more than double the forecast. U.S. imports to China soared by 24%, while imports from Southeast Asian countries and the EU rose by 11% and 7%, respectively. Car exports jumped 26%, while home appliances and smartphones also saw gains. Imports of crude oil and natural gas rose by 8% and 6%, respectively.