China’s June trade figures are out and missed expectations. The trade balance was a surplus of $31.6bn versus expected of $36.95bn:
Exports were up 7.2% year on year versus 10.4% expected and imports were up 5.5% year on year versus 6.0% expected:
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Nonetheless, you can see the early year weakness has passed (some of that was technical anyway) and both imports and exports are back on long term trend of falling below 10%. Iron ore imports fell 3.6% month-on-month to 74.57 million tonnes.
This Chinese rebound is firm enough but nothing special and will fade in another quarter.
The dollar fell back to 94 cents after its mad algo surge earlier in the day.
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