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Financial News: China's Exports Growth Tops Expectations

China's Exports Growth Tops Expectations

07/13/2017 - 02:02:00 (RTTNews)

(RTTNews) - China's exports grew more than expected in June on robust global demand, official data showed Thursday.

In dollar terms, exports increased 11.3 percent year-on-year in June, the General Administration of Customs said. Shipments were expected to gain 9 percent.

Likewise, imports logged an annual growth of 17.2 percent versus the expected growth of 14 percent.

Consequently, the trade surplus totaled $42.8 billion in June. The surplus was forecast to rise to $42.6 billion from $40.8 billion in May.

In yuan terms, exports increased 17.3 percent and imports surged 23.1 percent. Economists had forecast exports to grow 14.8 percent and imports to rise 22.3 percent.

Looking ahead, exports should continue to do well given the relatively positive outlook for China's main trading partners, Julian Evans-Pritchard, an economist at Capital Economics, said.

"But we are sceptical that the current pace of imports can be sustained for much longer given the increasing headwinds to China's economy from policy tightening," the economist added.

The statistical office is scheduled to issue quarterly national accounts on July 17. The economy had expanded 6.9 percent in the first quarter. The government targets slightly slower growth of about 6.5 percent this year.

In the first half of 2017, exports climbed 15 percent from previous year and imports advanced 25.7 percent in yuan terms, customs data showed.

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