2023-07-13 00:57:50 ET
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China's trade surplus fell to $70.62 billion in June 2023 from $97.37 billion in the same period a year earlier and below market forecasts of $74.80 billion, as exports dropped more than imports, amid persistent weak global demand.
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Exports from China shrank 12.4% y/y to $285.3 billion in June 2023, following a 7.5% fall in May while pointing to the second straight month of decline and the steepest drop since February 2020, worse than the market consensus of a 9.5% fall, while imports shrank by 6.9% y/y to $214.7 billion in June 2023, compared with market expectations of a 4.0% drop and after a 4.5% drop a month earlier, amid weakening domestic demand.
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Meanwhile, the politically sensitive trade surplus with the United States widened slightly to $28.72 billion in June from $28.16 billion in May.
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In the first six months of 2023, China's trade surplus with the U.S. reached $151.44 billion. China's trade still faces great pressure in the second half of the year, partly due to high inflation in developed countries and geopolitics, Lu Dalian, a spokesperson for China's Customs Bureau said.
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ETFs: ( FXI ), ( KWEB ), ( CQQQ ), ( MCHI ), ( ASHR ), ( YINN ), ( TDF ), ( CHIQ ), ( GXC ), ( EWH ), ( KBA ), ( YANG ), ( CXSE ), ( CAF ), ( CWEB ), ( PGJ ), ( KURE ), ( CHIX ), ( CYB ).
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China trade surplus smaller than expected amid persistent weak global demand