China Trade Surplus Unexpectedly Expands in July as Imports Plunge
China’ trade surplus expanded to a six-month high in July, even after exports continued to decline, as an ongoing slump in imports steepened.
China Trade Surplus unexpectedly expanded in July after imports fell sharply, but the fourth-straight decline in exports could spell trouble for the world’s second-biggest economy.
China’s trade surplus grew to US$52.3 billion in July from $48.11 billion the previous month, coming in larger than the market forecast of $48.00 billion.
Imports plummeted 12.5% year-on-year in July, almost double the pace expected by analysts.
Lower imports largely reflect much softer global commodity prices compared with a year ago, however, the ongoing decline in exports suggests overseas demand for Chinese made goods is continuing to moderate.
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