⚠️BREAKING: *CHINA JULY IMPORTS TUMBLE 12.4%, WORST DROP SINCE MAY 2020 🇨🇳🇨🇳
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China's exports likely contracted further in July, imports downturn seen slowing - Reuters pollChina's exports likely contracted further in July, as manufacturers in the world's second-largest economy struggled for buyers in markets grappling with high inflation and rising interest rates, a Reuters poll showed on Monday.
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China's July Trade Balance: Surplus expands as exports and imports fall more than expectedChina's trade surplus widened less than expected in June as exports slumped. Trade Balance came in at +80.6B versus +70.60B expected. In Chinese Yuan terms, the trade balance for July was CNY575.5 billion, with exports plunging 9.2% and imports falling 6.9%.
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China's July exports, imports fall much faster than expectedChina's exports fell 14.5% in July year-on-year, while imports contracted 12.4%, customs data showed on Tuesday, in the biggest decline in outbound shipments from the world's second-largest economy since February 2020. A Reuters poll of economists had forecast a 12.5% fall in exports and a 5.0% drop in imports. China's economy grew at a sluggish pace in the second quarter as demand weakened at home and abroad, prompting top leaders to promise further policy support at a meeting of the Politburo last month.
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China's July crude imports drop to lowest since JanuaryChina's crude oil imports in July fell 18.8% from the previous month to the lowest daily rate since January, as major exporters cut back overseas shipments and domestic stocks continued to build.
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China's July coal imports surge as heatwaves drive power useChina's coal imports remained at elevated levels in July after overseas purchases nearly doubled in the first half of 2023, as utilities continued to bring in cheaper supplies to meet peak summer power demand, data showed on Tuesday. The world's top coal consumer imported 39.26 million metric tons of coal last month, a touch below the 39.87 million metric tons in June and compared with average monthly amounts of 37 million metric tons between January and June, data from the General Administration of Customs showed. The July purchases soared 67% from 23.52 million metric tons a year earlier.
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China's July exports fall 14.5% y/y, imports down 12.4%China's exports fell 14.5% in July year-on-year, while imports contracted 12.4%, marking the worst performance for outbound shipments since February 2020.
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