China's exports unexpectedly rose in June as overseas economies reopened after lockdowns, while imports grew for the first time this year, reinforcing views the recovery from the pandemic is gaining traction in the world's second-largest economy.
BEIJING - China’s exports unexpectedly rose in June as overseas economies reopened after lockdowns, while imports grew for the first time this year, reinforcing views the recovery from the pandemic is gaining traction in the world’s second-largest economy.
Imports also rose 2.7%, confounding market expectations for a 10% drop. They had fallen 16.7% the previous month. China’s economy is gradually emerging from a sharp 6.8% contraction in the first quarter, but the recovery remains fragile as global demand falters from social curbs and still rising coronavirus cases. Chinese consumption is also subdued amid job losses and concerns about a resurgence in infections.
“In the second half, export and import growth are highly likely to extend declines seen in the first half.”“The significant improvement in China’s imports is an indication of the country’s accelerating economic recovery, which has been mainly driven by substantial increases in investments in sectors such as real estate and infrastructure.”
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