China's foreign trade grew significantly in June

The Chinese economy continues to recover from the corona pandemic: China's foreign trade grew significantly again in June. As the customs authorities announced, the exports of the second largest economy increased by 32.2 percent year-on-year to around 281 billion dollars (273 billion euros). The imports even rose by 36.7 percent to around 230 billion dollars. Both growth rates were above the expectations of experts. The growth in exports was driven by increased demand, especially for Chinese electronics and pharmaceutical products. China's trade is booming again. The economy grew by 18.3 percent in the first three months compared to the first quarter of the previous year. The second quarter growth numbers are expected this Thursday. The government in Beijing is pursuing a "zero Covid strategy" - with curfews, mass tests, contact tracing, quarantine and strict entry restrictions, the country has the corona virus largely under control. There have been only a few, minor outbreaks since last summer, allowing the economy and everyday life to return to normal. German companies also continued to benefit from the high demand from the People's Republic in June. According to the Beijing customs authorities, German exports to China rose by 28.6 percent year-on-year. China's exports to Germany increased by 26.9 percent. Exports from the EU to China rose by 34.1 percent. European companies have recently been increasingly optimistic about their growth prospects in China. According to a survey published by the EU Chamber of Commerce in June, the companies benefited from the fact that China was able to overcome the pandemic faster than other regions of the world and that the economy picked up speed again last year. After the rapid increase in the past few months, the customs authorities are assuming that the growth in foreign trade will normalize in the second half of the year and thus be lower. There are also uncertainties as to how the pandemic will develop around the globe. Over the year as a whole, however, it is assumed that there will be strong growth in retail.