China posts import growth in June, first since Covid-19 pandemic outbreak

China’s imports in June rose for the first time since the coronavirus crisis paralysed the economy, as government stimulus stoked demand for commodities, while exports, fuelled by medical goods, also rose in a sign the recovery is gaining traction.

Beijing has doled out aggressive stimulus to support domestic demand even as a resurgence in coronavirus infections around the world has raised questions about the strength of a rebound in global economic activity.

China’s imports in June rose 2.7 per cent from a year earlier, Customs data showed on Tuesday, confounding market expectations for a 10 per cent drop. They had fallen 16.7 per cent the previous month.

Exports also rose unexpectedly, up 0.5 per cent, suggesting global demand is starting to pick up again as many countries begin to ease tough antivirus measures that have pushed the world's economy into its biggest slump in almost 90 years. Analyst had estimated a 1.5 per cent drop, following a 3.3 per cent decline in May.