Chinese trade firm but misses

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China’s June trade figures are out and missed expectations. The trade balance was a surplus of $31.6bn versus expected of $36.95bn:

tb

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:

China IE
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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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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.