Strong Chinese exports have helped buoy the world’s second-largest economy, which is capitalizing on a global tech boom amid economic strain from ongoing conflict in the Middle East.
June exports rose 27 percent compared to a year earlier, according to customs data released Tuesday, the largest percentage gain in four months.
The increase, which exceeded analyst expectations, was largely driven by demand for semiconductors, as a rush to develop advanced artificial intelligence has sparked massive investment around the world.
Meanwhile, imports increased 36 percent year-over-year, hitting a five-year high even as crude imports fell to near decade lows. Chinese data showed June imports of crude oil declined 41.3 percent year-on-year, as the country’s refiners curbed activity and relied on domestic inventories over new purchases.
In China, growing exports and energy self-sufficiency have helped offset the economic impact from the war in Iran, which has hit Middle Eastern crude production and interrupted deliveries to major buyers.
Brent crude, the global benchmark, traded up 1.4 percent to a one-month high of $84.49 a barrel Tuesday, one day after its biggest one-day gain in six years.
China’s export engine offsets domestic impact from the Iran war Egypt Independent.
Hence then, the article about china s export engine offsets domestic impact from the iran war was published today ( ) and is available on EGYPT INDEPENDENT ( Egypt ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( China’s export engine offsets domestic impact from the Iran war )
Also on site :
- Olympic Gymnastics Legend, Who Scored the World’s First Perfect 10, Relives Her Greatest Performance 50 Years Later
- Princess Diana's Alleged Camilla Face-Off Over King Charles Happened Here—Now the London Estate Is Listed for $33 Million
- Kendra Scott’s ‘Stunning’ $53 Adjustable Bracelet at Amazon ‘Goes With Everyday Outfits’ and Comes in 32 Styles