Key points
- Imports rose 1.1pc, beating the predicted 0.3pc gain
- China’s exports likely rose at faster pace in June, poll results show
- Imports expected to rebound, reversing 3.4pc drop in May
ISLAMABAD: China’s exports jumped in June, official data showed Monday, beating forecasts in a month when Washington and Beijing agreed a tentative deal to lower swingeing tariffs on each other.
Data from the General Administration of Customs said exports rose 5.8 per cent year-on-year, topping the five per cent forecast in a Bloomberg survey of economists.
Imports rose 1.1 per cent — beating the predicted 0.3 per cent gain.
According to AFP, China’s exports reached record highs last year — a lifeline to its slowing economy as pressures elsewhere mounted.
A bruising trade war with the United States, driven by President Donald Trump’s policy of sweeping import tariffs, has made things more difficult for the world’s second-largest economy.
Washington and Beijing have de-escalated their trade spat after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty.
“Hard won” tariff truce
Customs official Wang Lingjun said at a news conference on Monday that Beijing “(hopes) that the US will continue to work together with China towards the same direction”, state broadcaster CCTV reported.
The tariff truce was “hard won”, Wang said.
“There is no way out through blackmail and coercion. Dialogue and cooperation are the right path,” he added.
August 12 deadline
According to Reuters, China faces an August 12 deadline to reach a durable deal with the White House, as Trump intensifies his global tariff assault by announcing new duties on other trading partners.
Analysts anticipate Trump could pressure other countries to curb their trade with the world’s second-largest economy in exchange for tariff relief.
Trump said earlier this month the US would impose 40 per cent tariffs on trans-shipments from third countries through Vietnam, a move that could hit Chinese manufacturers that ship goods or parts to the country. Vietnam became China’s second-largest export market in 2024.
