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China’s trade surplus was larger than expected in June at $41.6bn from $24.92bn in May, notes the research team at TD Securities.

Key Quotes

“Exports rose 11.3% y/y (consensus 9.5%), while imports rose 14.1% y/y (consensus 21.3%). Weaker than forecast imports, will on the margin, add to the narrative about slowing Chinese growth.”

“The trade surplus with the US revealed a further increase on a 12m rolling basis to $293.7bn, likely keeping US/China tensions elevated. The monthly surplus with the US was $28.97bn, a new record, with exports up 12.6% y/y and imports up 9.6%. y/y.”

“To round out the picture China’s trade surplus with the EU grew on a 12m basis, rising to $131.8bn, while China maintained a deficit with Japan of $ and the surplus with the rest of Asia continued to narrow, falling to $65.8bn, its lowest since July 2014.”