China's June Exports Surge 8.6% Amid Falling Imports and $99.05 Billion Record Trade Surplus

Jul 12, 2024, 03:13 AM

China's exports in June rose by 8.6% year-on-year in U.S. dollar terms, surpassing expectations of an 8% increase. This growth marks the fastest pace in fifteen months as manufacturers expedited shipments in anticipation of potential tariffs. In contrast, China's imports fell by 2.3% year-on-year in June, missing the estimated growth of 2.5%. Despite the drop in imports, China's trade surplus for June reached $99.05 billion, the highest level since 1990. For the first half of 2024, China's total goods imports and exports expanded by 6.1% year-on-year in yuan terms, totaling 21.17 trillion yuan ($2.91 trillion). Notably, imports of unwrought copper increased by 6.8% to 2.76 million metric tons, while soybean imports for the same period decreased by 2.2% to 48.48 million metric tons. Year-to-date, exports increased by 3.6% in USD terms, and imports rose by 5.2% in yuan terms. Additionally, China exported 5.367 million tons of oil products in June.