financetom
Economy
financetom
/
Economy
/
China's exports rise, but falling imports dampen June trade data
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
China's exports rise, but falling imports dampen June trade data
Jul 11, 2024 9:08 PM

BEIJING (Reuters) - China's exports rose 8.6% in June from a year earlier, and imports unexpectedly shrank 2.3%, customs data showed on Friday, suggesting manufacturers are front-loading orders in anticipation of tariffs from a growing number of trade partners.

A Reuters poll of economists had forecast exports would grow 8.0% by value and imports would rise 2.8%, compared with 7.6% and 1.8%, respectively, in the previous month.

Stronger-than-expected exports have been one of the few bright spots for an economy otherwise still struggling for momentum despite official efforts to stimulate domestic demand following the pandemic. A prolonged property slump and worries about jobs and wages are weighing heavily on consumer confidence.

Still, as the number of countries considering stepping up curbs on Chinese goods increases, so too does the pressure on its exports to prop up progress towards the government's economic growth target for this year of around 5%.

China's trade surplus grew to $99.05 billion, compared with a forecast of $85 billion and $82.62 billion in May. The United States has repeatedly highlighted the surplus as evidence of one-sided trade favouring the Chinese economy.

Washington in May hiked tariffs on an array of Chinese imports, including quadrupling duties on Chinese electric vehicles to 100%. Brussels last week confirmed it would impose tariffs on EVs as well, but only up to 37.6%.

Chinese exporters are also on edge heading into U.S. elections in November in case either major party tips fresh trade restrictions.

Turkey last month announced it would impose a 40% additional tariff on Chinese-made EVs, and Canada said it was considering curbs.

Meanwhile, Indonesia plans to impose import duties of up to 200% on textile products, which come mainly from China; India is monitoring cheap Chinese steel; and talks with Saudi Arabia over a free trade agreement have reportedly stalled over dumping concerns.

Analysts expect China to roll out more policy support measures in the short term, and a government pledge to boost fiscal stimulus is seen helping kick domestic consumption into a higher gear.

Economists and investors are awaiting for the Third Plenum to be held on July 15-18, with hundreds of China's top Communist Party officials gathering in Beijing for a meeting that comes every five years.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US jobs report poses first big stocks test of 2025
US jobs report poses first big stocks test of 2025
Jan 5, 2025
NEW YORK (Reuters) -The stock market faces its first major test of the year in the coming week, with investors counting on the U.S. jobs report to show a stable but not overheated economy that underpins expectations for equity gains in 2025. Stocks wobbled at the end of December and the start of January, cooling off after a torrid run....
Fed's Kugler, Daly say job not done on inflation
Fed's Kugler, Daly say job not done on inflation
Jan 4, 2025
(Reuters) -Two Federal Reserve policymakers on Saturday said they feel the U.S. central bank's job on taming inflation is not yet done, but also signaled they do not want to risk damaging the labor market as they try to finish that job. The remarks, from Governor Adriana Kugler and San Francisco Fed President Mary Daly, highlight the delicate balancing act...
Fed's Kugler, Daly say job not done on taming inflation
Fed's Kugler, Daly say job not done on taming inflation
Jan 4, 2025
(Reuters) - Federal Reserve Governor Adriana Kugler on Saturday said the U.S. economy ended 2024 in a good place, with inflation down from its peak and the labor market near full employment, but the U.S. central bank's job on taming inflation is not yet done.  Speaking at the same panel, San Francisco Fed President Mary Daly said she too feels...
US Dollar Falls Early Monday; Focus on FOMC Minutes, December Employment Report This Week
US Dollar Falls Early Monday; Focus on FOMC Minutes, December Employment Report This Week
Jan 6, 2025
07:52 AM EST, 01/06/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Monday, to start a return to a more normal schedule after two holiday weeks. Monday starts with a speech by Federal Governor Lisa Cook at 9:15 am ET. S&P Global services' purchasing managers' index for December is due to be released at 9:45...
Copyright 2023-2026 - www.financetom.com All Rights Reserved