(Bloomberg) -- China’s overseas shipments exceeded estimates in June even as the trade dispute with the U.S. deteriorated, while imports slowed much more than expected.
Exports rose 11.3 percent in June in dollar terms, the customs administration said Friday. Imports climbed 14.1 percent, below a forecast of 21.3 percent, leaving a trade surplus of $41.61 billion.
The largest exporting nation continues to benefit from robust global demand, but the increase in tensions and trade barriers with the U.S. is weighing on the outlook. Both China and the U.S. imposed 25 percent tariffs on $34 billion of the others’ imports on July 6, and Beijing has vowed to fight back against proposed tariffs on an additional $200 billion in Chinese goods.
The trade data comes ahead of the gross domestic product report for the second quarter, which should give a more complete picture of how the world’s second biggest economy did in the first half of this year. That is scheduled for release on Monday.
"With limited short-term impact from additional tariffs and further implementation of proposed economic policies, we expect China to maintain stable economic growth this year," CICC Researchers Liu Liu and Liang Hong wrote in a note. "Effectively implementing domestic economic policies will help China cope with external risks."
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