China's July Exports Jump 23.9% YoY on AI-Tech Demand and Front-Loading Ahead of New Tariffs

China's exports rose 23.9% year-on-year to $397.85 billion in July, beating the 22.2% forecast though easing from June's 27.0% pace, driven by strong AI-related tech demand (semiconductor export value nearly doubled YoY, overall high-tech exports up 40.7%) and manufacturers rushing shipments to the US ahead of the new Section 301 tariffs that replaced the lapsed 10% levy with a 12.5% rate in late July. Imports rose 27.7% YoY to $285.35 billion, easing from June's 36% jump, leaving the trade surplus at $112.5 billion, above the $107 billion forecast.