Exports came under pressure again last month – the acceleration in headline y/y growth was simply due to base effects. With the temporary boost to demand from the US-China trade truce already fading and tariffs on shipments rerouted via other countries now rising, exports look set to remain under pressure in the near-term. And while import growth surprised to the upside in July, this may reflect inventory building for certain commodities rather than a wider pick-up in domestic demand.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.