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China Exports Growth Exceeds Expectations In June
(RTTNews) - China's exports growth accelerated in June as companies revived operations following the easing of restrictions related to the pandemic, while imports logged a slower growth, official data showed on Wednesday.
With the reopening of ports, the annual growth in exports accelerated to 17.9 percent from 16.9 percent in May, the General Administration of Customs said. The rate was forecast to ease to 12.0 percent.
On the other hand, imports grew only 1 percent annually, slower than the 4.1 percent growth in May and the economists' forecast of 3.9 percent. As a result, the trade surplus surged to $97.9 billion in June from $78.7 billion in May. This was well above the expected level of $75.7 billion.
China's trade still faces instability and uncertainty, customs spokesman Li Kuiwen said.
Although the main constraints on exports recently have been on the supply-side, cooling global demand could soon deflate China's pandemic export boom, economists at Capital Economics, said.
Inbound shipments are likely to remain soft given relatively modest policy support and continued deleveraging among property developers, economists noted.
China is set to issue its quarterly GDP data on July 15. The economy is forecast to expand 1 percent in the second quarter, slower than the 4.8 percent growth posted a quarter ago. The government targets around 5.5 percent growth for 2022.
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