China experienced a surprise rebound in its exports in June (+ 32.2% over one year), galvanized in particular by its sales of electronic and pharmaceutical products, the Customs Administration announced on Tuesday.

This is the fastest growing pace of the Asian giant’s sales since April.

And the performance is much better than expected: economists expected a slowdown (+ 23.1%), after an increase of 27.9% over one year the previous month.

The situation is in stark contrast to last year when activity in China was just recovering from the Covid-19 pandemic.

In June 2020, Chinese exports had thus returned for the very first time to positive territory (+ 0.5%) after a paralysis of the economy.

Now almost free of the disease, China was the first country to return to a pre-pandemic level of activity by the end of 2020.

‘China’s economy stabilizes and improves […] and it provides strong support for foreign trade, ‘Customs spokesperson Li Kuiwen told reporters.

The activity was also driven by an improvement in supply chains after shortages, especially in semiconductors, believes analyst Julian Evans-Pritchard, of the firm Capital Economics.

But improving sanitary conditions abroad and the resumption of activity risk being a double-edged sword for China, warns analyst Betty Wang of ANZ Bank.

Indeed, the strong demand so far for Chinese electronic products, due to the generalization of teleworking, is now likely to diminish, Ms. Wang said.

In the other direction, imports from China experienced a decline last month: Chinese purchases abroad rose in June by 36.7% over one year, according to Customs.

This pace is much slower than that of May (+ 51.1%). But the performance is nevertheless better than analysts’ forecasts (+ 30%).

As for the Asian giant’s trade surplus, in June it reached 51.3 billion dollars (43.2 billion euros).

The Chinese surplus was the previous month of 45.53 billion dollars (37.42 billion euros).

/ ATS

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