China exports rise by 8.6% in June, but imports fall

12th Jul 2024 07:11

(Sharecast News) - Chinese exports rose by a greater-than-expected 8.6% in June year on year, while imports fell unexpectedly by 2.3%, according to official data published on Friday.

Economists had forecast an 8% rise in exports and imports 2.8%, compared with 7.6% and 1.8% in May.

The world's second biggest economy's trade surplus grew to $99.05bn, compared with forecasts of $85bn and $82.62bn in May.

China is facing a barrage of tariffs as countries become more concerned about the expansion of its exports. The US in May lifted duties on a wide range of products, including quadrupling those on Chinese electric vehicles to 100%, while the European Union last week confirmed it would also impose tariffs up to 37.6%.

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

Reporting by Frank Prenesti for Sharecast.com