China’s goods exports and imports both returned to growth in June, beating market expectations, official data showed Tuesday, as external demand for medical supplies kept rising and the country’s economy continued to recover from the Covid-19 pandemic.
Exports grew 0.5% (link in Chinese) year-on-year in dollar terms last month, reversing a 3.3% drop in May, according to data from the General Administration of Customs. The reading beat the median forecast for a 3% decline in a Caixin survey (link in Chinese) of economists.
Imports rose 2.7% year-on-year in June, up from a 16.7% slump (link in Chinese) the previous month and marking the first increase this year. The reading outpaced the median forecast for a 10% drop in the Caixin survey.
In June, China’s trade surplus shrank to $46.4 billion from $62.9 billion the previous month.
Overseas demand for epidemic prevention supplies has risen fast recently, according to the customs administration. In the first half-year, exports of textiles, including face masks, rose 32.4% year-on-year. In the same period, exports of medical equipment, as well as medical materials and medicine grew 46.4% and 23.6%, respectively.
China’s foreign trade sector still faces a difficult situation in the second half amid increasing uncertainties due to the pandemic and economic and trade frictions with the U.S., Li Kuiwen, a spokesperson for the customs administration, said at a briefing (link in Chinese) Tuesday.
Stay tuned for further updates …
Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Lin Jinbing (jinbinglin@caixin.com)
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