Looser lockdowns, global vaccination accelerate China’s export growth

13.07.2021 - Evdokimov Roman
Looser lockdowns, global vaccination accelerate China’s export growth

China’s export recorded faster-than-expected growth in June fuelled by a strong global demand as pandemic restrictions eased and vaccination rollouts accelerated worldwide.

However, a customs official on Tuesday warned of a slowdown in trade growth in the second half of 2021 following a surge of the Delta virus variant in some countries.

Exports in dollar terms climbed 32.2% in June from a year earlier, compared with a 27.9% jump in May. This gain exceeded the 23.1% increase forecasted by analysts.

Overall imports also surpassed expectations despite a slow gain in May due to high values boosted by an increase in raw material prices.

Imports advanced 36.7% year-on-year last month, exceeding a 30.0% forecast but slowing from a 51.1% gain in May.

China’s trade performance has been hounded by issues in recent months, including global semiconductor shortage, logistics bottlenecks, and higher raw material and freight costs.

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