China's monthly trade surplus soared to a record $97.9 billion in June as export growth picked up after anti-virus controls that shut down Shanghai were lifted and shippers moved a backlog of cargo.
Forecasters have cut estimates for China’s economic growth to as low as 2% this year, well below the ruling Communist Party’s target of 5.5%.
Some believe it shrank in the quarter ending in June before beginning a gradual recovery. Surveys show that might be under way as manufacturing and service activity accelerates. Exports to the United States surged 19.3% over a year earlier to $56 billion despite lingering tariff hikes in a trade war over Beijing’s technology ambitions. Imports of American goods edged up 1.7% to $14.6 billion.
Envoys from the two governments have talked by phone and video link but have yet to announce a date to resume face-to-face negotiations.
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