China’s imports and exports rebound strongly – economy

China’s foreign trade rose significantly again in June. As customs officials announced on Tuesday, the second-largest economy’s exports grew 32.2 percent year-on-year to about $ 281 billion (237 billion euros). Imports even rose 36.7% to about $ 230 billion. Both growth rates were higher than experts’ expectations. Economists previously interviewed by the Reuters news agency had only assumed an increase of 23.1%.

China has long overcome the corona pandemic, which is why trade is booming again. The economy grew 18.3% in the first three months compared to the first quarter of the previous year. Second quarter growth figures are expected on Thursday. The World Bank estimates that the Chinese economy could grow by 8.1% over the year as a whole. The Chinese government is more cautious and set its official growth target at the People’s Congress in March at a value of “over six percent.”

Beijing leaders are pursuing a “zero covid strategy”. With curfews, mass testing, contact tracing, quarantine and strict entry restrictions, the country has the coronavirus largely under control. There have only been a few minor outbreaks since last summer, allowing the economy and daily life to normalize. German companies also continued to benefit from strong demand from the People’s Republic in June. According to Beijing customs officials, German exports to China increased 28.6% year-on-year. Chinese exports to Germany increased by 26.9%. And this despite the fact that a traffic jam in the port of the southern Chinese metropolis of Shenzhen had given many German exporters a headache in recent weeks.

European companies benefit

EU exports to China increased by 34.1%. European companies have recently become increasingly optimistic about their growth prospects in China. According to a survey released by the EU Chamber of Commerce in June, businesses have benefited from the fact that China was able to weather the pandemic faster than other parts of the world and that the economy has picked up speed l ‘last year.

Throughout the first half of 2021, China’s exports grew 38.6% year-on-year to $ 1.52 trillion, while imports rose 36.0% to $ 1.27 trillion. dollars over the same period. China’s first half trade surplus was $ 251.52 billion.

According to customs authorities, the picture could darken again in the second half of the year if the delta variant of the coronavirus continues to spread around the world and requires new containment measures. Customs spokesman Li Kuiwen believes foreign trade growth will slow in the second half of the year, albeit at a high level.

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