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The China customs published Trade Balance for July in USD terms, reporting a bigger-than-expected increase in the trade surplus, in light of a surprise jump in exports.

In USD terms,

Trade Balance came in at +62.33B versus +42.0B expected and +46.42B previous.

Exports (YoY): +7.2% vs. -0.2% exp. and +0.5% last.

Imports (YoY): -1.4% vs. +1.0% exp. and +2.7% last.

Market implications

The surprise jump in exports is welcome news for the Chinese economy. However, it failed to have any positive impact on the Chinese proxy, the AUD. The AUD/USD pair hovers near daily lows of 0.7210.