China's exports beat forecasts in July, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods, especially to Southeast Asia, before tougher U.S. duties targeting transshipment take effect.

Imports climbed 4.1%, leaving a surplus of $98.2 billion. The resilience in overseas shipments comes despite the high tariffs imposed by the US, suggesting that global demand remains a significant driver for China’s economy. Shipments to the US fell 22% from a year earlier after slumping just over 16% in June.