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China Trade Surplus Surges To Record As Exports Accelerate

Exports rose 17.9% to $331.2 billion, up from May's 16.9%, customs data showed Wednesday. Imports rose just 1% to $233.3 billion in a sign of weak domestic demand

China's monthly trade surplus soared to a record $97.9 billion in June as export growth accelerated following the easing of anti-virus controls that temporarily shut down Shanghai and disrupted trade.

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Exports rose 17.9% to $331.2 billion, up from May's 16.9%, customs data showed Wednesday. Imports rose just 1% to $233.3 billion in a sign of weak domestic demand.

With almost no growth in imports, China's global trade surplus swelled by 90% compared with a year ago.

Exports to the United States surged 19.3% over a year ago to $56 billion despite lingering tariff hikes in a trade war over Beijing's technology ambitions. Imports of American goods edged up 1.7% to $14.6 billion. 

China's politically volatile trade surplus with the United States widened by 26% from a year earlier to $41.4 billion. It was among irritants that prompted then-President Donald Trump to launch the trade fight by hiking import taxes.

China's trade has been dampened by weak global demand and anti-virus curbs in Shanghai, site of the world's busiest port, and other cities. Consumer demand was crushed by rules that confined millions of families to their homes.

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Forecasters have cut estimates for China's economic growth to as low as 2% this year, well below the ruling Communist Party's target of 5.5%. Some expect activity to shrink in the quarter ending in June before a gradual recovery begins. 

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