The yuan value of China’s exports climbed at a faster pace judged year-on-year in July than a month earlier. But in the same period the pace of year-on-year decline in the country’s imports gathered speed, Chinese state-run news agency Xinhua reported.

China’s General Administration of Customs announced on Monday that exports in yuan-denominated terms increased by 2.9 percent year-on-year in July, quickening from a 1.3-percent year-on-year hike in June. However, the value of imports plunged 5.7 percent from the previous year in July, worsening from a 2.3-percent retreat in June.

The monthly trade surplus in July amounted to 342.8 billion yuan (US$51.5 billion), up by 34 percent year-on-year, customs said.

The value of imports slipped in July due to weak commodity prices and a high base last year; as well as due to sluggish domestic economic activity, said Jiang Chao, an analyst at Chinese broker Haitong Securities Co Ltd as quoted by Xinhua.

In the first seven months of 2016, exports judged in yuan-denominated terms were down 1.6 percent from the previous year while imports dropped 4.8 percent year-on-year, the report added.