Exports up 4.3% and Imports up 6.2% in June Also in Yuan Terms
[Asia Economy Reporter Park Sunmi] China's exports and imports in June both turned to an increasing trend, defying expectations.
According to the General Administration of Customs of China on the 14th, China's dollar-denominated exports in June increased by 0.5% compared to the same period last year. Experts had predicted a 1.5% decrease in June exports, but exports unexpectedly turned positive. In May, exports had decreased by 3.3% compared to the same period last year.
Imports also successfully turned positive. June imports increased by 2.7% year-on-year, showing significant improvement from May's -16.7%. Experts had expected China's June imports to record a decline of around -10%, narrowing from May.
The surprising increase in China's June exports is attributed to the resumption of economic activities worldwide that had been halted due to COVID-19. Since mid-May, Europe and the United States have eased border closures, allowing containers that had been stuck at Chinese ports to resume shipping. China also increased its imports of crude oil and raw materials due to the resumption of economic activities, resulting in a shift to an increasing trend in imports.
Amid comprehensive conflicts between China and the United States beyond trade issues, China's trade surplus with the U.S. reached $29.41 billion in June, expanding from $27.89 billion in May.
Meanwhile, in yuan terms, China's exports and imports in June both showed stable growth. The General Administration of Customs announced that China's yuan-denominated exports in June increased by 4.3% year-on-year, and imports rose by 6.2%. The administration evaluated that the recovery in foreign trade exports and imports was better than expected.
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