China’s exports accelerate in June as US trade truce creates opening
Exports were up 5.8 per cent in June, bucking expectations after the 90-day tariff reprieve agreed with the US in May
China’s exports recorded a larger-than-expected acceleration in June, as companies took advantage of a 90-day tariff truce with the United States to speed up their shipments.
The world’s top merchandise exporter saw its outbound shipments rise by 5.8 per cent year on year to reach US$325.2 billion last month, according to customs data released on Monday.
The figure follows a reported 4.8 per cent rise in May and eclipses the 3.6 per cent increase forecast in a market survey from Chinese financial data provider Wind.
The country’s imports, meanwhile, rose by 1.1 per cent year on year last month, marking a substantial uptick from the 3.4 per cent decline recorded in May. A poll, also by Wind, had predicted a 0.58 per cent drop in June.
That led China’s trade surplus to rise to nearly US$114.8 billion for the month.
China’s trade growth has remained robust throughout the first half of the year despite an unprecedented trade war with the United States, with exports increasing 5.9 per cent over the first half to US$1.8 trillion.
Imports, however, contracted by 3.9 per cent over the same period to more than US$1.2 trillion, as weak domestic demand continues to drag on China’s economy.