In July, China’s exports in US dollars fell by 14.5% year-on-year, and imports fell by 12.4%, both of which were larger than the previous value and weaker than market expectations. This means that China’s exports and imports have fallen for the third consecutive month, and the decline has widened.
Updated August 9, 2023 08:20 CST
According to data released by the General Administration of Customs of China on Tuesday morning, in terms of US dollars, China’s exports in July fell by 14.5% year-on-year, and imports fell by 12.4%, both weaker than market expectations; the trade surplus was 80.6 billion US dollars, higher than market expectations.
This means that China’s exports and imports have fallen for the third consecutive month, and the decline has continued to expand.
Previously, exports in June fell by 12.4% year-on-year, imports fell by 6.8%, and the trade surplus was 70.62 billion US dollars, both of which were lower than expected. In May, exports and imports fell by 7.5% and 4.5% respectively.
In March this year, China’s exports unexpectedly surged by 14.8%, ending the continuous negative growth since October last year. At the same time, the decline in imports narrowed sharply to 1.4%, with a trade surplus of US$88.19 billion.
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According to data released by the General Administration of Customs of China on Tuesday morning, in terms of US dollars, China’s exports in July fell by 14.5% year-on-year, and imports fell by 12.4%, both weaker than market expectations; the trade surplus was 80.6 billion US dollars, higher than market expectations.
This means that China’s exports and imports have fallen for the third consecutive month, and the decline has continued to expand.
Previously, exports in June fell by 12.4% year-on-year, imports fell by 6.8%, and the trade surplus was 70.62 billion US dollars, both of which were lower than expected. In May, exports and imports fell by 7.5% and 4.5% respectively.
In March this year, China’s exports unexpectedly surged by 14.8%, ending the continuous negative growth since October last year. At the same time, the decline in imports narrowed sharply to 1.4%, with a trade surplus of US$88.19 billion.
In July last year, China’s trade data was still quite good: exports increased by 18% year-on-year, imports increased by 2.3%, and the trade surplus reached US$101.26 billion. However, since August, the growth rate has slowed down significantly. In October, exports fell by 0.3%, and imports also fell by 0.7%. After that, the declines in November and December further expanded.
Compared with market expectations, exports and imports in July were weaker than market expectations, and the trade surplus was higher than expected.
According to a survey of economists conducted by The Wall Street Journal, China’s exports in July are expected to drop by 12.0% year-on-year, while imports are expected to drop by 5.0%, resulting in a trade surplus of US$70.3 billion.
In terms of cumulative data, in terms of US dollars, exports from January to July fell by 5% year-on-year, and imports fell by 7.6%, achieving a trade surplus of US$489.57 billion, an increase of 3.5%.
Previously, in the first half of this year, exports fell by 3.2% year-on-year, and imports fell by 6.7%, achieving a trade surplus of 408.69 billion US dollars.
In dollar terms, in 2022, China’s exports will increase by 7.0% year-on-year, and imports will increase by 1.1%, resulting in a trade surplus of US$877.6 billion.
China Customs also simultaneously released data denominated in RMB.
In RMB terms, China’s July exports fell by 9.2% year-on-year, and imports fell by 6.9%, achieving a trade surplus of 575.7 billion yuan, a decrease of 14.6%.
Previously, exports in June fell by 8.3% year-on-year, and imports fell by 2.6%, achieving a trade surplus of 491.25 billion yuan. In May, exports fell by 0.8% year-on-year, while imports increased by 2.3%. Exports in April and March increased by 16.8% and 23.4% respectively.
Cumulatively, exports from January to July increased by 1.5% year-on-year, while imports decreased by 1.1%, achieving a trade surplus of 3.39 trillion yuan, an increase of 10.3%.
Previously, in the first half of this year, exports increased by 3.7% year-on-year, imports fell by 0.1%, and the trade surplus was 2.82 trillion yuan.
In RMB terms, in 2022, exports will increase by 10.5% year-on-year, imports will increase by 4.3%, and the trade surplus will be 5,862.98 billion yuan.
(This article is from Dow Jones Chinese Financial News)
2023-08-09 01:23:21
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