China Exports Drop Most Since 2020
(RTTNews) - China's exports fell the most since the outbreak of the pandemic due to the subdued global demand in June and imports logged another annual decline, intensifying the call for fiscal stimulus to prop up domestic demand in a bid to sustain economic growth.
Exports decreased 12.4 percent on an yearly basis in June, following a 7.5 percent fall in May, data released by the General Administration of Customs showed on Thursday. Exports were expected to drop 9.5 percent.
This was the biggest decline since the outbreak of the Covid-19 pandemic in 2020.
Similarly, imports declined 6.8 percent annually, which was bigger than the expected fall of 4.0 percent and May's 4.5 percent decrease. As a result, the trade surplus increased to $70.6 billion in June. The expected level was $74.8 billion.
Data showed that exports to all major markets decreased in June. Shipments to the US declined 24 percent from a year ago in June. Likewise, exports to the Association of Southeast Asian Nations shrunk around 17 percent.
With the global downturn in demand continuing to weigh on exports, China's exports are set to fall further before bottoming out towards the end of the year, Capital Economics' economist Zichun Huang said. Although import volumes were almost the same as last month after hitting a 23-month high in May, the economist noted. Imports are expected to pick up in the coming months underpinned by the fiscal stimulus and the recovery in tourism.
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