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.
