China’s exports continued to grow robustly in June, supported by a boom in technology exports – including artificial intelligence products and robotics – extending the positive momentum seen in previous months and shrugging off geopolitical headwinds.
The country’s exports rose by 27 per cent year on year to US$412.39 billion last month, according to Chinese customs data released on Tuesday, beating the 18.5 per cent growth forecast by economists in a poll from financial data provider Wind.
Imports grew by 36 per cent last month to US$286.76 billion, higher than the Wind poll’s projections of 24.25 per cent growth, leading to a trade surplus of US$125.62 billion, up from US$105.43 billion in May.
In the first half of the year, exports jumped 17.6 per cent while imports rose 26.6 per cent.
“China’s export growth exceeded market expectations again in June. The export boom has been a key driver of China’s economy so far this year,” said Zhang Zhiwei, president and chief economist at Pinpoint Asset Management.
Zhang said that strong exports were also expected in the second half of the year, which would demonstrate the competitiveness and resilience of China’s manufacturing sector, while also potentially fuelling trade tensions, particularly with Europe.
