China's Trade Surplus Hits Record High in June

In a surprising turn of events, China's trade surplus surged to an impressive $114.8 billion in June, up from $103.2 billion in May, according to the latest report from the country's General Administration of Customs. This figure has notably surpassed market expectations, signaling a robust recovery in China's export sector.

Exports and Imports Show Positive Growth

Exports witnessed a significant increase of 5.8% compared to the same month last year, measured in dollar terms, which was higher than analysts had anticipated. On the other hand, imports also saw a modest rise of 1.1% year-on-year, indicating a steady demand within the domestic market.

Local Currency Performance

When measured in local currency, the trade surplus stood at 585.96 billion yuan. The export sector enjoyed a 7.2% annual increase, while imports grew by 2.3%, showcasing the resilience of China's economy amidst global uncertainties.