China’s July Trade Balance: Surplus Expands As Exports And Imports Fall More Than Expected

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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.

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