Vaccination campaigns the world over, and the easing of COVID-19 restrictions, helped boost exports of Chinese goods in June much faster than analysts expected, numbers from the country’s customs service showed Tuesday.
- Exports jumped 32% in June compared with the same month last year, whereas a Reuters poll of economists had predicted a 23% rise. Growth in May was at 28%.
- Analysts noted that the numbers seemed to suggest that the country’s export machine was no longer hobbled by supply-chain bottlenecks or higher freight costs, as in the past months.
- Imports were up 37% over the same period, against a 30% consensus forecast, suggesting that the Chinese economy’s recovery is continuing at a swift pace.
- Markets in Asia-Pacific rose Friday on the news, with the Hong Kong Hang Seng Index up nearly 2%.
The outlook: China benefits from the easing of restrictions in its main export markets as COVID-19 vaccination campaigns progress. As much as 48% of the U.S. total population is now fully vaccinated, and 39% in the European Union. But the Beijing government expects growth to slow down in the second half of the year.