Better than expected Chinese exports in July 2025.
Exports +7.2% y/y
- expected +5.4%, prior 5.8%
Imports +4.1% y/y
- expected -1.0%, prior +1.1%
Trade balance is a surplus of 84.2bn USD
- expected 105bn, prior 114.8bn
Exports to the US are down 21.6% y/y in July, but of course trans shipments are hidden in these numebrs
These are still solid figures from China.
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For the YTD number, January – July:
- exports +6.1% y/y
- imports -2.7% y/y
- trade balance a whopping 683.5bn USD
- YTD exports to the US are down 12.6% y/y (but of course trans shipment is difficult to discern and there is plenty going on) while imports down 10.3% y/y
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The yuan is not doing much on the data release, USD/CNH just a few tics up circa 7.1840
