China’s June trade balance (CNY): Surplus expands to 261.90 bn, a big beat

China's trade balance for June, in Yuan terms, came in at CNY 261.90bn versus CNY 165.61bn expected and CNY 156.51bn last. Exports came at +3.1% y/y vs +7.1% expected and +3.2% last, while imports were +6.0% y/y vs +10.5% expected and +15.6% last.      

Analysts at Barclays expected, “export growth to moderate to single digits in June, given the contraction in PMI new export orders index amid escalating trade tensions. We expect import growth to remain solid at c.20 (% y/y) despite some moderation.”

Key Notes:

China’s June imports to US ports rose more-than-expected amid tariff threat

China's Yuan-denominated trade surplus fell by 26.7 percent in H1

China’s June imports to US ports rose more-than-expected amid tariff threat

 

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