According to customs data released on Friday, China experienced a 2.3% decrease in imports in June compared to the same period last year in U.S. dollar terms, missing the expected 2.8% growth as per a Reuters poll.
On the other hand, U.S. dollar-denominated exports saw an 8.6% increase year on year, surpassing the Reuters poll’s forecast of 8% growth.
The year-to-date figures indicate a 2% rise in imports and a 3.6% increase in exports during the first half of this year compared to the previous year. In May, China saw a 7.6% growth in exports in U.S. dollar terms from the previous year, whereas imports only increased by 1.8% during the same period.
Despite the positive export numbers, domestic demand has been subdued. China’s consumer prices rose by 0.2% year on year in June, falling short of expectations, while producer prices aligned with projections, according to data from the National Bureau of Statistics released on Wednesday.
The core Consumer Price Index (CPI), excluding volatile food and energy prices, recorded a 0.6% year-on-year increase in June, slightly slower than the 0.7% growth in the first half of this year.
