China's exports to recover after an exceptionally weak July

China's export growth fell sharply to -8.3% yoy in July from 2.8% yoy in June, while imports deteriorated slightly over the same month. 

That said, the July weakness was exceptional, and exports are expected to have recovered in August. Also, given a positive base effect, export growth is likely to have rebounded to -3% yoy from -8.3% yoy.

"Still, no meaningful improvement is expected in imports owing to soft domestic demand. Import growth probably declined by another 8% yoy. As a result, the trade surplus is expected to grow to USD56.3bn from USD43bn", says Societe Generale.