China: Trade surplus larger than expected in June at $41.6bn - TDS
China's trade surplus was larger than expected in June at $41.6bn from $24.92bn in May, notes the research team at TD Securities.
Key Quotes
“Exports rose 11.3% y/y (consensus 9.5%), while imports rose 14.1% y/y (consensus 21.3%). Weaker than forecast imports, will on the margin, add to the narrative about slowing Chinese growth.”
“The trade surplus with the US revealed a further increase on a 12m rolling basis to $293.7bn, likely keeping US/China tensions elevated. The monthly surplus with the US was $28.97bn, a new record, with exports up 12.6% y/y and imports up 9.6%. y/y.”
“To round out the picture China's trade surplus with the EU grew on a 12m basis, rising to $131.8bn, while China maintained a deficit with Japan of $-33.bn and the surplus with the rest of Asia continued to narrow, falling to $65.8bn, its lowest since July 2014.”
Author
Sandeep Kanihama
FXStreet Contributor
Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.
