KURE - China trade surplus narrows sharply in July as exports fell more than imports

2023-08-08 02:15:11 ET

• China's trade surplus plunged to $80.6 billion in July 2023 from $102.7 billion in the same period a year earlier, compared to market forecasts of $70.6 billion, as exports fell more than imports amid persistently weak demand from home and abroad.

• Imports to China dropped by 12.4% y/y to $201.16 billion in July 2023, worse than market estimates of a 5.0% decline and after a 6.8% fall a month earlier, a fifth straight month of lower purchases and the steepest decrease since May 2020, due to deteriorating domestic demand.

• Exports from China slumped 14.5% y/y to a five-month low of $281.76 billion in July 2023, the steepest decline since February 2020, after a 12.4% drop in June, and worse than forecasts of a 12.5% fall, amid slowing global demand.

• Meanwhile, the politically sensitive trade surplus with the US widened to $30.3 billion in July from $28.72 billion in June.

• In the first seven months of 2023, China's trade surplus with the US reached $181.8 billion.

• Considering the first seven months of the year, the country posted a trade surplus of $489.57 billion, with exports shrinking by 5% while imports dropped 7.6%.

• ETFs: ( FXI ), ( KWEB ), ( CQQQ ), ( MCHI ), ( ASHR ), ( YINN ), ( TDF ), ( CHIQ ), ( GXC ), ( EWH ), ( KBA ), ( YANG ), ( CXSE ), ( CAF ), ( CWEB ), ( PGJ ), ( KURE ), ( CHIX ), ( CYB ).

• Now read: China service sector growth of 54.1 in July beats forecasts; composite PMI drops to 6-month low

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