Recent Chinese customs data revealed that in June, exports exceeded expectations, growing by 8.6% year-on-year to USD 307.8 billion. This figure surpassed earlier estimates ranging from 7.4% to 8%. Meanwhile, imports during the same period saw a decline of 2.3% year-on-year, amounting to USD 208.8 billion. The trade surplus for China widened to USD 99 billion in June, up from USD 82.6 billion in May.
The strong export performance comes amidst ongoing trade tensions involving major economies, marked by increased tariffs on certain products. Despite these challenges, China's export sector has shown resilience and continued growth.
Notably, the Association of Southeast Asian Nations (ASEAN) has become a significant market for Chinese exports, with shipments to ASEAN countries increasing by 10.7% year-on-year from January to June. In June alone, exports to ASEAN totaled USD 49.8 billion, highlighting the region's importance as a key destination for Chinese goods. This reflects China's strategic efforts to diversify its trade relationships amidst evolving global economic dynamics and trade policies.
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