Financial News: China Exports Beat Expectations

China Exports Beat Expectations

(RTTNews) - China's exports growth accelerated sharply in June, driven by robust demand for hi-tech products, suggesting that foreign demand provided momentum to economic growth in the second quarter.

Exports advanced 27.0 percent on a yearly basis after rising 19.4 percent expansion in May, the General Administration of Customs said Tuesday. The growth exceeded the expected pace of 18.2 percent.

Similarly, imports reported a double-digit annual growth of 36.0 percent, up from 27.4 percent in the previous month. The growth hit the strongest since June 2021. Economists had forecast imports to climb 24.0 percent.

As a result, the trade surplus rose to $125.6 billion in June from $105.4 billion in May, and also remained above the expected level of $121.4 billion.

Exports to the U.S. moved up about 14 percent in June. At the same time, shipments to the Southeast Asian nations grew around 35 percent and that to the European Union climbed 18.5 percent.

In the first half of the year, exports registered 17.6 percent increase and imports gained 26.6 percent.

ING economist Lynn Song noted that tech-related imports have dominated, while other import categories remain weak, reflecting the weak domestic demand environment.

The direct impact from the trade balance aside, external demand is one of the core pillars supporting industrial activity, a bright spot in the monthly activity data, Song said.

It remains a key engine of growth for China and is likely to remain so for the rest of the year, the economist added.

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