ACTV - China Trade Surplus Beat Forecasts Amid Resilient Exports But Sluggish Imports
2024-07-12 07:30:00 ET
Summary
- Exports remained well-supported by strength in autos and semiconductors, but imports slid amid modest demand in June.
- China's June exports grew by 8.6% year-on-year to USD 307.8bn, which came broadly in line with forecasts.
- In terms of product exports through 1H24, auto exports saw a strong performance of 18.9% YoY YTD.
By Lynn Song
Export growth continued to edge up in June
China's June exports grew by 8.6% year-on-year to USD 307.8bn, which came broadly in line with forecasts, a little lower than our house forecasts and a little higher than the consensus. Through the first half of 2024, China exports totalled USD 1.71tn, up 3.6% YoY, year-to-date. While the growth level does not appear too high at first glance, this has been stronger than most market participants were expecting at the start of the year....
China Trade Surplus Beat Forecasts Amid Resilient Exports But Sluggish Imports