China July Imports and Exports Both Below Estimates

     China's General Administration of Customs released July trade data on

Tuesday:

     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: beijing@mni-news.com

--MNI Beijing Bureau; +86 (10) 8532-5998; email: vince.morkri@marketnews.com

--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com

[TOPICS: M$A$$$,M$Q$$$,MT$$$$]