China’s imports fell in June, missing expectations for a slight rise, while exports rose more than expected, customs data showed on Friday.
KEY DATA
- China’s imports fell 2.3% in June from a year earlier in US dollar terms. That contrasted with a forecast for growth of 2.8 percent, according to a Reuters poll.
- Exports denominated in US dollars for June rose 8.6% year-on-year, beating expectations for growth of 8%.
- Those numbers boosted year-to-date imports by 2% and exports by 3.6% in the first six months compared to the same period a year earlier.
- China’s trade with the Association of Southeast Asian Nations grew 7.1 percent in the first half of the year, cementing the bloc’s position as the country’s largest trading partner by region, followed by the European Union.
ACCENT
China’s imports of rare earth elements, meat, cosmetics and machinery fell sharply in the first half of the year, customs data showed. During this time, however, imports of iron ore and oil increased.
Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram
Amid slower domestic growth, Beijing has sought to shore up its supplies of food and essential minerals to bolster national security.
In the first half of the year, China’s exports of furniture, home appliances, ships and automobiles rose. Exports of rare earths fell in value but rose in volume, the data showed.
China’s car exports rose 18 percent in volume last month from the same period last year, customs data showed.
WHAT TO WATCH FOR
China’s exports rose 7.6% in May from a year ago in US dollar terms, but imports rose just 1.8% during that time.
Domestic demand remains weak. Consumer prices in China rose 0.2 percent in June from a year earlier, beating expectations, while producer prices met expectations, data from the National Bureau of Statistics showed on Wednesday.
The core consumer price index, which strips out more volatile food and energy prices, rose 0.6% year-on-year in June, slightly slower than the 0.7% increase in the first six months of the year.
China’s National Bureau of Statistics is due to release second-quarter gross domestic product data and economic indicators for June on Monday.
