China: Merchandise exports gain steam in June
Merchandise exports soared 17.9% on an annual basis in June (May: +16.9% year-on-year), above analysts’ expectations. June’s figure marked the largest increase since January 2022, and was aided by easing port disruptions as Covid-19 restrictions were lifted in Shanghai. Meanwhile, merchandise imports rose 1.0% in annual terms in June (May: +4.1% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 97.9 billion surplus in June (May 2022: USD 78.8 billion surplus; June 2021: USD 50.1 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 822.0 billion surplus in June, compared to the USD 774.2 billion surplus in May.