Aerial view of shipping containers stacked in Lianyungang port on June 3, 2019 in Lianyungang, Jiangsu province of China.
Wang Jianmin | Visual China Group | fake pictures
China’s dollar-denominated exports and imports increased in June as restrictions eased and countries began to reopen their economies.
June customs data exceeded expectations for a decline, with exports registering a 0.5% increase compared to the previous year, and imports jumping 2.7% in the same period.
A Reuters poll estimated June exports contracted 1.5% from a year earlier, rebounding from a 3.3% decline in May. Imports were expected to drop 10.0% from a year ago, compared to a 16.7% drop in May, according to the survey. That could be attributed to higher purchases of crude oil and basic products.
Previously, China released customs data showing that yuan-denominated exports in June increased 4.3% from a year earlier, while imports increased 6.2% in the same period.
The June data also showed that China’s trade surplus with the United States expanded to $ 29.41 billion, up from $ 27.89 billion in May, according to Reuters.
The economies of Asia and the rest of the world have gradually reopened. Since mid-May, European countries and the US have eased blockades, and that has led to an increase in shipments of some cargo delays previously trapped in Chinese ports, Reuters reported, citing the Port Association and Ports of China.
However, recovery is threatened by a resurgence of the coronavirus, and cases are on the rise again in countries like the US, Australia and South Korea. That has led to some restrictions being reinstated.
As the pandemic gripped the world, China’s exports of medical supplies increased in the first half of the year.
- Exports of personal protective equipment increased 32.4%
- Drug exports increased 23.6%
- Exports of medical equipment increased 46.4%
This is breaking news. Please check for updates.
– CNBC’s Evelyn Cheng contributed to this report.
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