China's Export Increase Unexpectedly
July 13 2020 - 10:59PM
RTTF2
China's exports grew unexpectedly in June as easing of the
coronavirus containment measures in most of the developed economies
boosted foreign demand, official data showed Tuesday.
In dollar terms, exports climbed 0.5 percent on a yearly basis
in June, the General Administration of Customs reported. Economists
had forecast an annual fall of 1.5 percent after falling 3.3
percent in May.
Likewise, imports increased 2.7 percent on year, confounding
expectations for a decrease of 10 percent and reversing a 16.7
percent fall in May.
Consequently, the trade surplus totaled $46.42 billion in June
versus a $62.9 billion surplus posted in May. The expected level
was $58.6 billion.
The smaller trade balance confirms the assessment that GDP
growth in the second quarter of 2020 should still be negative on a
yearly basis, Iris Pang, an ING economist said. The increase in
imports added to evidence that domestic demand was strong at the
end of the second quarter, Julian Evans-Pritchard, an economist at
Capital Economics, said.
Exports also strengthened as slower shipments of products
related to covid-19 were more than offset by strength elsewhere.
While exports are due for a pullback, import growth should remain
robust, he noted.
In yuan terms, exports advanced 4.3 percent and imports gained
6.2 percent annually in June.
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