China's imports and exports both fall more than expected in July, Surplus expands

[beijingwalker]

China's imports and exports both fall more than expected in July, Surplus expands

08/08/2023 03:17:33 GMT | By Dhwani Mehta

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.

China’s July Trade Balance: Surplus expands as exports and imports fall more than expected

In US Dollar terms, China’s trade surplus widened less than expected in June, as exports slumped. Trade Balance came in at +80.6B versus +70.60B expec

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[beijingwalker]

China trade balance for July USD 80.6 billion versus expected USD 70.6 billion​

Greg Michalowski
Tuesday, 08/08/2023 | 11:11 GMT+8

China trade balance

• China trade balance USD comes in at 80.6 billion versus expected 70.6 billion.
• Previous 70.62 billion
• Exports YoY felt -14.5% versus expectations -12.5% (previous -12.4%)
• Imports YoY fell -12.4% vs expected -5.0% (previous -6.8%)

Although the surplus was higher, the mix of both imports and exports declining is not a good number.

• China July trade balance +575.7 bln yuan versus 491.25 billion yuan
• China Jan-July dollar-denominated exports -5.0% y/y
• China Jan-July dollar-denominated imports -7.6% y/y
• China Jan-July yuan-denominated exports +1.5 % y/y
• China Jan-July iron ore imports up 6.9% at 669 mln metric tons
• China Jan-July trade balance +$489.57 bln
• China Jan-July yuan-denominated imports -1.1 % y/y
• China Jan-July trade balance +3.39 trln yuan

The offshore USDCNH has come off highs that took the price up to 7.23167. The current price trades at 7.2187. The high price today was the highest since July 20 but fell short of the July 19 high at 7.23634.

China trade balance for July USD 80.6 billion versus expected USD 70.6 billion | Forexlive

Both imports and exports fall

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