According to Customs statistics from January to July, China’s total import and export value has seen a year-on-year decrease of 3 percent, down to 13.2 trillion yuan. Imports declined 4.8 percent to 5.6 trillion yuan, and the trade surplus increased 8.7 percent to 2 trillion yuan.

The data shows that China’s Export Leading Indicator increased 1.1 points from June, to reach its current 33.8, indicating that pressure on exports will likely ease in the fourth quarter.

Exports to the EU and Japan grew, but those to the U.S. and ASEAN countries declined. The trade volume with the EU, China's largest trading partner, was worth 2.01 trillion yuan, an increase of 1.8 percent, accounting for 15.2 percent of China’s total foreign trade. Imports and exports of private enterprises also increased--imports by 4.8 percent to reach 5.12 trillion yuan, representing an 2.9-percent increase from 2015. Exports of electromechanical products declined, but those of traditional labor-intensive industries increased. The overall price of imported goods declined in general.