中国 - 7 月出口放缓，但降幅小于预期，且第三季度还会进一步下滑-China_ July exports slowed but less than expected_ And will slide further in 3Q

J P M O R G A N Asia Pacific Economic Research 07 August 2025 China: July exports slowed but less than expected And will slide further in 3Q China's July trade report came in better than expected. Exports declined 1.9%m/m sa but rose 7.2%oya (J.P. Morgan: 6.2%oya, market consensus: 5.6%). The trend growth momentum slowed to 0.7%3m/3m saar (from 7.5% in June and 20.9% in May). This partly reflects an unwinding of the 1H front-loading. Imports grew 4.1%oya or 1.6%m/m sa (J.P. Morgan: -0.3%oya, market consensu ...