China’s June exports growth beats forecast as easing global lockdowns boost demand
China’s exports grew at a much faster than expected pace in June as solid global demand led by easing lockdown measures and vaccination drives worldwide eclipsed virus outbreaks and port delays.
Imports growth also beat expectations, though the pace eased from May, with the values boosted by high raw material prices, customs data showed on Tuesday.
Exports in dollar terms rose 32.2% in June from a year earlier, compared with 27.9% growth in May. The analysts polled by Reuters had forecasted a 23.1% increase.
China’s trade performance has seen some pressure in recent months, mainly due to a global semiconductor shortage, logistics bottlenecks, higher raw material and freight costs.
All the same, the global easings in COVID-19 lockdown measures and vaccination drives appeared to underpin a strong uptick in worldwide demand for Chinese goods.
The data also showed imports increased 36.7% year-on-year last month, beating a 30.0% forecast but slowing from a 51.1% gain in May, which was the highest growth rate in a decade.
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