The China Customs Agency (GAC) reported today that China’s June exports rose 17.9 percent year-on-year. It recorded its strongest gain in five months, indicating that the world’s second-largest economy is starting to recover. following being hit hard by the use of lockdown measures to control Covid-19
June exports were stronger than May’s gain of 16.9 percent and better than analysts’ estimates of a 12 percent gain.
However, June imports rose only 1% year-on-year. This was slower from a 4.1 percent growth in May and lower than analysts’ forecast of a 3.9 percent rise due to strict measures to curb the spread of the coronavirus. As a result, domestic consumption weakened.
China’s June trade surplus was 97.94 billion dollars. increased from 7.87.6 billion dollars and higher than analysts’ estimates of $75.7 billion.
For the first half China’s exports rose 13.2 percent year-on-year. and imports increased by 4.8%.
Investors will keep an eye on China’s key economic data on Friday. to find signals regarding the Chinese central bank’s monetary policy approach Such data includes June House Price Index, Gross Domestic Product (GDP) Q2/22, June Industrial Production, June Retail Sales, Investment in Fixed assets in June and the unemployment rate in June
By InfoQuest News Agency (13 July 65)