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     China's General Administration of Customs released July trade data on
     Exports rose 7.2% year-on-year in July in U.S. dollar terms, lower than
MNI's survey median forecast for an 10.8% y/y gain and below the growth rate of
11.3% in June. It was the lowest monthly increase this year, not including
February's decline of 1.3%. 
     Imports rose 11.0% year-on-year in July in U.S. dollar terms, lower than
the MNI survey median forecast for a 17.5% gain and below the 17.2% rise in
June. It was the lowest rise since December's 3.1% gain but was the ninth
straight month of y/y gains. It also ended a streak of three months of
accelerating gains.
     China posted a $46.74 billion trade surplus in July, higher than the MNI
survey median forecast for a $46.4 billion surplus and above June's $42.77
billion surplus.
     In yuan terms, the trade surplus in July was CNY321.2 billion, compared
with the CNY294.30 billion surplus in June.
     The trade surplus in the first seven months of the year amounted to $231.68
billion, below the $307.54 billion surplus in the same period last year, with
exports rising 8.3% y/y and imports up 17.7%.
--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email:
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
--MNI Beijing Bureau; +86 (10) 8532 5998; email:
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