China’s exports fall 6.2% in 1H20

China’s exports to the world totaled 1 trillion 098,750 million dollars in the first half, which represented a drop of 6.2% year-on-year, the country’s Customs Administration reported.

Conversely, Chinese imports totaled $ 930.95 billion, a 7.1% decrease, at the annual rate.

With this, China achieved a surplus in its balance of products of 167.800 million dollars.

China is the largest exporter of products in the world and the second largest importer, surpassed by the United States.

In the month of June alone, China achieved a surplus of $ 46.42 billion, as a result of exports of $ 213.57 billion and imports of $ 167.15 billion.

Exports and imports with the US

In May 2020, U.S. imports from China totaled $ 36.6 billion, 6.6% less compared to the same month in 2019.

However, month-to-month, May imports into the United States from China showed a gradual recovery from a 10-year low of $ 20.7 billion in March 2020.

Although factory activity in China slowly recovered after local closings began to increase in March and April, China’s imports remained 13% lower during the first five months of 2020.

As of May, the deficit in US merchandise trade with China stood at $ 103.3 billion in 2020, that is, 24.6% less year-over-year.

According to the US government, the drop in Chinese exports is likely to continue as the pandemic slows global demand.

For example, in the United States, household consumption (approximately 68% of US Gross Domestic Product) decreased by an average of 4.9% in the first five months of 2020 after increasing steadily until 2019.

A manufacturing indicator for new export orders from China showed a contraction in exports that persisted through June.