China’s trade data came in better than expected and helped stabilize market sentiments. At least there was recovery in exports in July while imports contracted less than expected.
Total with US continued to show contraction, with year-to-July trade dropped -13.4% yoy. Imports from US also contracted -28.3% yoy. On the other hand, total trade with EU grew 4.6% yoy from January to July, with exports increased 6.1% yoy and import increased 2.3% yoy.
Nevertheless, the real tests will come later in the year as US tariffs on USD 300B in Chinese goods take effect on September 1.
Here are some details.
In July, in USD terms:
- Total trade dropped -0.8% yoy to USD 398.0B.
- Exports rose 3.3% yoy to USD 221.5B, above expectation of -0.2% yoy.
- Imports dropped -5.6% yoy to USD 176.5B, above expectation of -8.8% yoy.
- Trade surplus narrowed to USD 45.0B, down from June’s 51.0B but beat expectations of USD 44.2B.
Year-to-day from January to July:
- Total trade dropped -1.8% yoy to USD 2559.5B.
- Exports rose 0.6% to USD 1392.6B.
- Imports dropped -4.5% to 1166.9B.
- Trade surplus was at USD 255.7B.
Year-to-day from January to July, with EU:
- Total trade rose 4.6% yoy to USD 400.2B.
- Exports rose 6.1% yoy to USD 241.1B
- Imports rose 2.3% yoy to USD 159.1B.
- Trade surplus was at USD 82.1B.
Year-to-day from January to July, with US:
- Total trade dropped -13.4% yoy to USD 308.0B.
- Exports dropped -7.8% yoy to USD 238.3B.
- Imports dropped -28.3% yoy to USD 69.8B.
- Trade surplus was at USD 168.5B.
Year-to-day from January to July, with AU:
- Total trade rose 7.7% yoy to USD 94.6B.
- Exports rose 1.9% yoy to USD 26.2B.
- Imports rose 10.0% to USD 68.5B.
- Trade deficit was at USD 42.3B.
