China trade ‘likely to slow down’ in second half of year despite strong imports, exports in June
- China’s exports grew by 32.2 per cent in June compared with a year earlier, up from 27.9 per cent growth in May
- China’s imports grew by 36.7 per cent last month, year on year, down from 51.1 per cent growth in the previous month
China’s trade may slow in the second half of year, according to the customs administration, despite strong imports and exports in June, which both beat expectations.
This was the 12th consecutive period of export growth, although the fact that exports rose by just 0.5 per cent in June last year due to the impact of the coronavirus means the latest figures started from a low base.
The year-on-year growth rate of imports and exports in the second half of the year is likely to slow down, while the trade throughout the year is still expected to maintain a rapid growth
Imports grew by 36.7 per cent in June from a year earlier, to US$229.89 billion – down from the 51.1 per cent growth in May, according to data from China’s General Administration of Customs. This was also above the result of the Bloomberg survey, which predicted 29.3 per cent growth.
“Due to a higher base one year ago, the year-on-year growth rate of imports and exports in the second half of the year is likely to slow down, while the trade throughout the year is still expected to maintain a rapid growth,” Chinese customs spokesman Li Kuiwen said on Tuesday.
China’s total trade surplus stood at US$51.53 billion in June, compared with US$45.53 billion in May.
Headline trade growth was stronger than expected last month, partly thanks to easing shortages of semiconductors. But exports remained below their recent peak and we still think shipments will soften in the coming quarters