China's imports unexpectedly drop in June
World's 2nd-largest economy sees $99B trade surplus in June, thanks to better-than-expected hike in exports, unexpected decline in imports
China's imports unexpectedly dropped compared to a year ago in June in US dollar terms, according to customs data released on Friday.
Chinese imports decreased 2.3% year-on-year to $209 billion in June, bucking expectations of a 2.8% hike for the month, data from the General Administration of Customs showed.
Its exports for June, on the other hand, grew 8.6% annually to nearly a two-year high of $308 billion, better than the market forecast of an 8% increase.
So, the trade surplus rose to $99 billion in June, up from $69.8 billion in the same period last year.
Among trading partners, shipments went up to the US by 6.6%, Japan by 0.9%, South Korea by 4.1%, Taiwan by 27.6%, and Australia by 1.2%.
In the first half of 2024, imports and exports climbed 2% and 3.6%, respectively, from a year earlier.
