China Trade

China has reported its export picked up pace in June, jumping 27% from a year earlier thanks to strong demand from the boom in artificial intelligence. The increase in exports in June was much better than economists had expected. Exports rose 19.4% year-on-year in May. The customs agency said Tuesday that imports surged 36% in June, stronger than May’s 27.4% year-on-year growth. China has been exporting more autos as well as tech-related products as the rapidly expanding adoption of AI boosts demand for semiconductors and other electronic equipment. The strength in export manufacturing has helped to offset weakness in domestic spending and investment.

China has reported its exports slowed slightly in July from the month before despite strong growth in demand for high-tech electronics and vehicles. Customs data released Friday showed China’s trade surplus narrowed to $112.5 billion from $125.6 billion in June. Exports rose nearly 24% in July from a year earlier, while imports were up 27.5% year-on-year. Trade data show China has fully transitioned from providing mostly low-cost manufacturing to supplying vital machinery and components for advanced manufacturing. Exports of high-tech items surged nearly 41% in January-July from the same period the year before, while shipments of vehicles jumped 55%.