China exports post surprise 32pc spike

14 July, 2021 12:00 AM printer

BEIJING: China’s exports spiked more than expected in June as countries around the world pushed towards a pandemic recovery, official data showed Tuesday, while imports spiked on the back of rising commodity costs.

Demand for China’s goods has risen with the global rollout of vaccines and as economically painful lockdowns to curb the spread of Covid-19, reports AFP.

Supply disruptions happening sporadically with virus resurgences elsewhere have also increased reliance on products from China, where the outbreak is largely under control, analysts say.

Chinese shipments overseas surged 32.2 percent on-year last month, the Customs Administration said, much better than the 23 percent forecast and also well up from May.

Import’s also exceeded expectations, rallying 36.7 percent as the cost of key commodities such as iron ore, oil and copper surge. However, growth was below the more than 50 percent jump seen in May, which was the fastest in more than a decade.