From EuroNews, July 14:
China’s exports accelerated in June, jumping 27% from a year earlier thanks partly to the boom in artificial intelligence, the customs agency said on Tuesday.
The increase in exports in June was much better than economists had expected. Exports rose 19.4% year-on-year in May.
Imports in June surged 36%, better than May’s 27.4% year-on-year growth, with analysts attributing the expansion in part due to the Iran war driving up import costs.
China recorded a trade surplus of $125.6 billion in June, widening from $105.4 billion in the previous month.
“Trade values took another big leg up in June,” Julian Evans-Pritchard, head of China Economics at Capital Economics, wrote in a note Tuesday. “This predominantly reflects the recent surge in semiconductor prices on the back of the AI boom. But even putting that aside, foreign demand for Chinese goods remains robust.”
China's exports of vehicles, especially EVs, and other tech-related products have boomed as rapid adoption of AI increases the need for semiconductors and other electronic equipment.
The strength in export manufacturing has helped to offset prolonged weakness in domestic spending and investment due to a prolonged downturn in the property industry....
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