China’s trade surplus exceeded market expectations in July as exports remained resilient, although faster import growth and softer export momentum pushed the surplus lower compared with the previous month. Official government data released Friday showed China recorded a trade surplus of $112.50 billion in July. The figure surpassed economists’ expectations of $107.10 billion but declined from the $125.62 billion surplus reported in June. China’s export sector has benefited from overseas companies accelerating purchases amid uncertainty surrounding the U.S.-Iran conflict. While July’s stronger-than-expected China trade balance highlights continued resilience in external demand, slowing export and import growth could signal that trade momentum is beginning to cool.