USD and yuan denominated trade balance data released for July
Trade balance 310.3 bn yuan
- est was 310.0 bn yuan
- prior 345.18bn yuan
- Imports +0.4% y/y in yuan terms
- Exports +10.3% y/y in yuan terms
Trade balance $45.06 bln
- est. $42.65 bln
- imports -5.6% y/y in USD terms
- exports +3.3% y/y in dollar terms
Exports to the US are -2.1% y/y, yuan terms
- imports from are -24% y/y
- trade balance with the US is +11.1% y/y
Data out much earlier than expected! Exports much strnger than were expected, perhaps more 'front loading' taking place (how long has this excuse been trotted out for!!!?)
Its difficult to see these figures taking much heat out of the US trade war tensions. The surplus with the US rises again in the month.