J P M O R G A N Asia Pacific Economic Research 07 August 2026 China July trade: AI still the anchor, external risks rise China's trade momentum remained resilient in July, with exports matching expectations while imports came in slightly softer. Export growth continued to be anchored by AI-related demand, as robust ADP and IC shipments sustained high- tech export momentum despite weakness in low-end consumer goods and broad- based easing across most markets. On the import side, the July pullback was concent ...