China Trade Surplus Narrows in July


China trade surplus decreased to USD 43.03 billion in July of 2015 from USD 47.30 billion reported a year earlier and below market consensus, as both exports and imports fell.

In July, exports slumped 8.3 percent year-on-year to USD 195.10 billion, compared to a 2.8 percent increase in the previous month. Imports fell by 8.1 percent year-on-year to USD 152.08 billion as a result of declining commodity prices and following a 6.1 percent drop in June. In the previous month, the country registered a USD 46.54 billion trade surplus.

Considering the first seven months of 2015, exports slightly dropped by 0.8 percent, driven by coal & ignite (-34.9 percent); coke & semi coke (-2.9 percent); refined oil (-30.6 percent); clothing accessories (-6.2 percent); precious metals (-63.5 percent); steel (-2.5 percent); LCD panel (-6.6 percent) and furniture & parts (-7.2 percent). In contrast, outbond shipments increased for: rice (+11.9 percent); crude (+531.6 percent); mineral fertilizer (+62.9 percent); ceramic products (+26.8 percent); handheld wireless (+14.5 percent) and lamps, lighting fixtures and parts (+20.6 percent).

Sales increased to India (+9.8 percent), Taiwan (+0.9 percent), the ASEAN countries (+8.0 percent), the US (7.3 percent), South Africa (+9.6 percent), Australia (+4.2 percent) and New Zealand (+11.5 percent). In contrast, exports  were down to Hong Kong (-10.1 percent), Japan (-11.0 percent), South Korea (-0.8 percent), the EU countries (-4.3 percent), Russia (-36.1 percent), Brazil (-9.6 percent).  

Imports shrank 14.6 percent as purchases from all of the country's trading partners declined except Vietnam. Those from the US decreased by 7.4 percent, India (-23.0 percent), Japan (-11.1 percent), Hong Kong (-13.4 percent), the ASEAN countries (-7.1 percent), South Korea (-7.2 percent), the EU countries (-12.3 percent), Russia (-20.7 percent), South Africa (-40.2 percent), Australia (-25.7 percent) and New Zealand (-37.2 percent). In contrast, imports from Vietnam rose by 22.4 percent.

General Administration of Customs l Rida Husna l rida@tradingeconomics.com
8/8/2015 4:18:44 AM