China's exports soar in June beating forecasts

Chinas exports rose sharply in June, defying expectations and signalling resilience in the face of ongoing economic challenges and trade tensions. Official data released on Monday by the General Administration of Customs showed exports increased by 5.8 per cent year-on-year, surpassing the 5 per cent growth projected in a Bloomberg survey of economists. Imports also outperformed forecasts, rising 1.1 per cent compared to an anticipated 0.3 per cent gain. The positive trade figures come as Beijing and Washington reached a preliminary agreement to ease longstanding tariff measures, following high-level talks in London last month. The agreement marks a tentative thaw in relations after years of a bruising trade war triggered by the Trump administrations sweeping tariffs on Chinese goods. Exports have been a critical pillar of support for Chinas economy, particularly as it grapples with deep-rooted domestic issues. Since the pandemic, the country has faced mounting economic headwinds, including a persistent property sector debt crisis, subdued consumer spending, and high youth unemployment. Despite these pressures, Chinese exports hit record levels last year, helping to offset slowing momentum in other sectors. Junes export figures suggest that external demand remains a bright spot for the worlds second-largest economy. At a press briefing on Monday, customs official Wang Lingjun emphasized the importance of continued cooperation between the US and China, describing the recent tariff breakthrough as a hard won achievement. There is no way out through blackmail and coercion, Wang said, according to state broadcaster CCTV. Dialogue and cooperation are the right path. While the recent agreement signals progress, analysts caution that uncertainty remains. The long-running trade dispute has seen both countries impose billions in retaliatory tariffs, unsettling global markets and supply chains. The future trajectory of trade relations will likely hinge on further negotiations and the political climate in both capitals.The post China's exports soar in June beating forecasts appeared first on Linda Ikeji Blog.