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AFP
July 15, 2020

China trade sees surprise bounce

Business

AFP
July 15, 2020

Beijing: Chinese trade enjoyed surprise growth in June as the world slowly emerges from economy-strangling lockdowns, though officials warned of headwinds for recovery owing to the spread of the pandemic.

The figures come days before the release of data expected to show the world´s number two economy returned to growth in the second quarter following a contraction in the first three months of the year.

The 2.7-percent growth in imports was the first since December and much better than the nine-percent contraction forecast in a Bloomberg News poll, while exports also beat expectations by rising 0.5 percent.

In May, imports had collapsed 16.7 percent and exports retreated 3.3 percent. Customs spokesman Li Kuiwen told reporters Tuesday that imports and exports showed "signs of recovery and stability" in the second quarter and that China was "forging ahead" with efforts to ensure stability in areas such as employment, foreign trade, and investment.