Link Securities | According to data from the General Bureau of Customs, China’s trade surplus increased in June to $99.05 billion, up from $69.8 billion in the same month a year ago, and exceeding market forecasts for a surplus of $85 billion. It thus becomes the largest amount of trade surplus in a month since July 2022, as exports increased, while imports decreased.
Specifically, exports grew by 8.6% year-on-year, their fastest pace in 15 months, beating forecasts for an 8% rebound, while imports unexpectedly fell by 2.3%, against an expected increase of 2.8% year-on-year, and following a 1.8% rebound in May.
China’s trade surplus with the US widened to $31.78 billion in June, from $30.814 billion in the previous month.
For the cumulative 2024 (1H24), China recorded a trade surplus of $435 billion, with exports rising 3.6% to $1.71 trillion, while imports increased 2.0% to $1.27 trillion. China’s trade surplus with the US in 1H24 reached $159.9 billion.
