China’s June Trade data (USD): Surplus shrinks amid surprise jump in exports and imports
|The China customs published Trade Balance for June in USD terms, reporting a smaller-than-expected increase in the trade surplus despite an unexpected jump in the imports and exports.
In USD terms,
Trade Balance (USD) came in at +46.42B versus +58.6B expected and +62.93B previous.
Exports (YoY): +0.5% vs.-1.5% exp. and -3.3% last.
Imports (YoY): +2.7% vs.-10.0% exp. and -16.7% last.
Market implications
The surprise jump in both exports and imports is good news for the Chinese economy. However, it failed to have any positive impact on the Chinese proxy, the AUD. The AUD/USD pair keeps the range play intact below 0.6950 so far this Tuesday.
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