China US exports weakened in July after June rebound, survey says
China Beige Book said U.S.-bound shipments fell in July, signaling renewed pressure on one of China’s key growth supports.
By Dev Ramirez · Crypto Correspondent
· 3 min read
China US exports July data are not out yet, but an early business survey points to a setback: China Beige Book said U.S.-bound shipments declined in July after a short-lived recovery in June. For investors watching China, global manufacturers or trade-sensitive stocks, the signal matters because exports have been one of the Chinese economy’s few clearer sources of support.
The U.S.-based research firm said its findings came from a survey of 1,436 Chinese companies conducted from July 20 through July 28. China Beige Book said shipments headed to the U.S. fell outright for the first time in several months.
Exports are goods sold abroad, so a drop in U.S.-bound shipments can point to weaker demand from American buyers, tariff-related disruption, or a fade after companies rushed products out earlier. It can also pressure factories if overseas orders make up a meaningful part of their sales.
What did the China Beige Book survey show about China US exports in July?
China Beige Book reported that U.S.-bound shipments fell in July, reversing the brief improvement seen in June. The survey also found factory activity slowed during the month, with manufacturing posting the weakest employment performance among the sectors covered.
The firm said job growth worsened from a year earlier across all sectors in its survey. That matters because softer hiring can point to weaker business confidence or less need for labor when orders slow.
Official figures had shown a sharp rebound one month earlier. China’s exports to the U.S. rose 14% in June, helping total exports climb 27%, the strongest overall export growth in nearly five years, according to the previously reported trade data.
That June jump came as companies pulled shipments forward before expected higher U.S. tariffs later in the summer. Demand for China-made components used in data centers, including those tied to artificial intelligence infrastructure, also supported shipments.
The last official year-over-year decline in China’s exports to the U.S. came in March, when they dropped more than 26%, according to official data accessed through Wind Information. That move fit a broader pattern of double-digit declines after trade tensions intensified in April 2025.
China’s domestic demand also looked softer
The survey did not point to strength at home offsetting the export weakness. China Beige Book said retail sales fell in July from both the prior month and the same period a year earlier.
The firm also said travel and restaurants saw a sharp year-over-year downturn. Those categories are closely watched because they reflect household spending on services, not only factory or export activity.
China’s top policymakers on Thursday called for expanding domestic demand and strengthening international trade cooperation, according to a state media readout. The readout also emphasized Beijing’s goal of achieving technological breakthroughs.
The next official checkpoint comes soon. China is scheduled to release July trade data on Aug. 7, while retail sales and investment figures are expected on Aug. 17.
This story draws on original reporting from CNBC.
