China’s July Trade Balance: Surplus expands as exports and imports fall more than expected
China's Trade Balance for July, in Chinese Yuan terms, came in at CNY575.5 billion versus CNY625.25 billion and CNY491.25 billion last.
Exports plunged 9.2% in the reported period vs. -8.9% expected and -8.3% previous.
The country’s imports fell 6.9% vs. -2.6% prior. The market consensus was for a 2.5% drop.
In US Dollar terms, China’s trade surplus widened more than expected in July.
Trade Balance came in at +80.6B versus +70.60B expected and +70.62B previous.
Exports (YoY): -14.5% vs. -12.5% exp. and -12.4% prior.
Imports (YoY): -12.4% vs. -5.0% exp. and -6.8% last.
Additional takeaways
China Jan-July dollar-denominated exports -5.0% YoY.
China Jan-July dollar-denominated imports -7.6% YoY.
China Jan-July trade balance +$489.57 billion.
China July trade surplus with the US $30.3 bln vs. $28.72 bln surplus in june.
China Jan-July trade surplus with the US $181.8 billion.
FX implications
AUD/USD is weighing mixed Chinese trade figures. The spot is down 0.30% on the day, trading at 0.6552, as of writing.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
