China’s imports and exports were strong in June

China's imports and exports were strong in June

According to reports from China’s General Administration of Customs, China’s media reported that China’s exports in June increased by 32.2% year-on-year, higher than May’s 27.9% growth; imports increased by 36.7% year-on-year, which was lower than the previous month’s growth of 51.1%.

Data released by the General Administration of Customs of China on Tuesday showed that China’s exports in June increased by 32.2% over the same period last year, reaching 281.42 billion U.S. dollars. According to the South China Morning Post, this is the 12th consecutive period of export growth. Although exports in June last year only increased by 0.5%, it also means that the latest data also started from a low base.

Imports in June increased by 36.7% year-on-year to US$229.89 billion. This is the ninth consecutive year of import growth, but again, due to the impact of the new crown virus, imports in June last year only increased by 2.7%, which is also a factor affecting the growth rate this year. In addition, China’s total trade surplus in June was US$51.53 billion, compared with US$45.53 billion in May.

Radio Hong Kong reported that Li Kuiwen, spokesperson of the General Administration of Customs and Director of the Department of Statistics and Analysis, pointed out that the total import and export value of the mainland in the first half of the year reached 18.07 trillion RMB, an increase of 27.1% year-on-year, the best level in the same period in history, mainly due to the base last year. Lower price factors are driving growth.

However, according to the General Administration of Customs, despite the strong imports and exports in June that exceeded expectations, China’s trade may slow down in the second half of the year, and the year’s trade is still expected to maintain rapid growth.