Commercial activity in China continued to see an upturn during the first six months of the year, despite COVID-19 shutdowns in some areas. China's total trade between January and June rose 10.3 percent from a year ago, with the trade statistics for June alone showing a sharp surge.
Experts said the dramatic recovery in China's trade momentum during the first half of the year bodes well for its second-half outlook.
The turnaround in China's foreign trade performance falls in line with the momentum of post-pandemic recovery of business activity, seen between April and June, said Liang Ming, director of the Institute of International Trade which is affiliated with the Chinese Academy of International Trade and Economic Cooperation.
"Though the pandemic negatively affected supply and industrial chains in some major cities in April, business activity, especially foreign trade, started returning to normal between April and June. Foreign trade hit a low in April before rebounding in May and setting a record in June. It was a remarkable turnaround," said Liang.
Liang said data for the first six months indicate that China's foreign trade is maintaining a high-quality development, especially in core products such as mechanical, electrical, high-tech and green energy products. This trend will also help keep China's trade on a steady growth track during the next six months, with annual growth rate projected to be at between 5 and 6 percent.
Liang said that an array of national trade fairs will play a key role in boosting and sustaining China's foreign trade in the second half of the year, including the upcoming International Consumer Products Expo in Hainan Province (Hainan Expo).
"There is huge potential for consumption growth and upgrade in China. The country imported consumer goods worth 1.7 trillion yuan (about $250 billion) last year, accounting for 10 percent of total imports," Liang said, adding that it is expected to reach 15 percent over the next five to 10 years.
Trade events like the Hainan Expo will not only serve as a huge growth opportunity for global companies, but also sustain the demand of international markets, said Liang.
This year's Hainan Expo is expected to feature a new area to showcase products made in China, which is expected to help more Chines exports enter the international market.