By
11:26AM Fri July 12, 2024
12th July 2024 – (Beijing) China’s export performance has significantly bolstered its economic growth in the first half of the year, despite facing a backdrop of rising geopolitical tensions that may pose challenges ahead. Official data released on Friday showed a robust 6.1 per cent year-on-year growth in total goods imports and exports in yuan terms for the first half of the year.
In June alone, exports surged by 8.6 per cent year-on-year to reach US$307.85 billion, surpassing expectations. Analysts had anticipated a rise of 7.44 percent, based on forecasts from Chinese financial data provider Wind. This growth marked an acceleration from the 7.6 per cent increase recorded in May, indicating a strong upward momentum in China’s trade activities.
However, the picture was less positive on the import front, where there was a decline of 2.3 percent compared to the same period last year. This drop in imports contrasted with the 1.8 per cent growth observed in May, suggesting a shift in domestic demand dynamics and possibly reflecting broader economic uncertainties.
The robust export figures contributed to a substantial increase in China’s trade surplus, which stood at US$99.05 billion in June, up from US$82.6 billion in the previous month. This significant surplus underscores the current strength of China’s export sector, which has been a critical pillar of the country’s economic resilience.
