China’s June exports grow at fastest rate in 5 months

China’s exports grew at the fastest rate in 5 months in June, exceeding analysts’ expectations, confirming that China, the world’s second largest economy, is slowly recovering from the effects of the restrictions it imposed to contain the Corona virus pandemic.

But imports grew at a slower rate that did not live up to analysts’ expectations despite the easing of restrictions on movement.

Despite export growth, trade forecasts point to growing pressures in the second half of the year, with lower demand in key export markets, the ongoing war in Ukraine, rising fuel prices and fears of a global economic recession.

Official customs data showed today, Wednesday, that outbound shipments rose by 17.9% in June than before, compared to a growth of 16.9% in May and analysts’ expectations of 12% growth in June.

The data showed imports rose 1% from a year ago, slowing from 4.1 growth in May and analysts’ expectations of a 3.9% growth in June.

China posted a trade surplus of $97.94 billion last month, compared with expectations of $75.70 billion and a surplus of $78.76 billion in May.