China’s exports rose 7.2% YoY in July to 2.31 trillion RMB ($321.8 billion), beating forecasts and accelerating from June’s 5.8% growth, according to customs data. Imports grew 4.1%, narrowing monthly trade surplus to $98.2 billion. The export increase was driven by strong demand from markets including Africa (+42.4%), ASEAN (+16.6%), the EU (+9.2%), and Latin America (+7.7%), as well as 29.2% surge in chip exports and 25.5% rise in vehicle shipments. Exports to Belt and Road countries accounted for 50.4% of total outbound trade. Shipments to the U.S. fell 21.7%.