South Korean Media: China's Exports Surge 27% in June!
On August 11, South Korean media outlet Global Economy published an article stating that China's exports continued their upward trend in June, significantly exceeding market expectations. This positive performance was primarily driven by growing demand for AI-related products and export diversification into markets such as the European Union, Southeast Asia, and Africa.
In June, China’s total export value reached $412.39 billion, a year-on-year increase of 27.0%. This figure not only surpassed market expectations (18.2%) but also exceeded May’s growth rate (19.4%).
Since November last year, China’s exports have maintained year-on-year growth. Since April this year (14.1%), export growth has been in double digits for three consecutive months. In terms of growth rate, this marks the highest level in nearly five years since October 2021 (27.1%).
The reason behind China’s sustained high-speed export growth lies in the increasing global demand for artificial intelligence, which has driven continuous growth in sales of related products.
Data from the first half of this year, broken down by category, shows that exports of machinery and electrical products rose by 24.5% year-on-year, with integrated circuit exports surging by 96.1%. Meanwhile, exports of rare earth metals—key raw materials for high-tech products—increased by 61.1% compared to the same period last year.
Experts analyze: “The persistent global demand for AI infrastructure, high-tech electronics, and capital equipment remains a key factor supporting China’s manufacturing exports.”
China’s exports to the United States grew only 0.2% in the first half of this year, but export diversification—especially to other regions—has proven effective. Exports to France and Italy increased by 23.4% and 17.2%, respectively. In Southeast Asia, exports to Vietnam (40.5%), Singapore (50.9%), Indonesia (49.0%), and the Philippines (33.6%) all saw significant growth; in Latin America and Africa, Brazil (31.8%) and South Africa (21.7%) recorded the largest increases.
In June, China’s imports amounted to $286.76 billion, up 30.6% year-on-year—a rise far surpassing market expectations (24.0%) and May’s growth (27.4%), marking the highest increase since November 2021 (31.7%).
The trade surplus in June reached $125.62 billion, up from $105.43 billion in May. The widening trade surplus appears to be due to strong export growth despite rising imports.
Original source: toutiao.com/article/1873209780882504/
Disclaimer: The views expressed in this article are those of the author alone.