China's exports jumped to 14.5% YoY in July

However, imports declined 1.6% YoY.

China’s exports continued to recover by growing 14.5% YoY in July, as opposed to 7.2% YoY in June, as exports to major destinations improved.

According to a research note from CCB International Securities Limited, exports to the US and EU were particularly robust, accelerating to 12.3% YoY and 17.0% YoY respectively in July, up 4.7ppt, 4.5ppt from June.

Here's more from CCB International Securities Limited:

Exports to Hong Kong and Taiwan also increased 13.3% YoY and 48.4% YoY in July, similar with last March-April when hot money flew into China by way of fake foreign trade.

The possibility that the story may repeat itself this July cannot be ruled out, the report said. Meanwhile, imports declined 1.6% YoY (versus a 5.5% YoY increase in June), mainly due to declining coal imports (down 19.6% YoY), copper imports (down 17.2% YoY) and crude oil imports (down 9.0% YoY).

These declines have been attributed by the report to the high base last year and more significantly, sluggish domestic demand.