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Chinese exports recover but imports remain weak

Jul. 13, 2015 2:42 AM ETFXI, PGJ, CHN, EWH, GCH, JFC, CAF, CYB, GXC, TDF, FXP, TAO, CBON, HAO-OLD, CNY, FCHI, XPP, YAO, CHIQ, CHII, YINN, YANG, CQQQ, QQQC-OLD, CHIX, CHIE, CHIM, YXI, ECNS, MCHI, FCA, FXCH, DSUM, EWHS, FHK, CXSE, KFYP, KWEB, ASHR, CHNA-OLD, KBA, ASHS, CN, CNXT, CHNB, AFTY, CHAU, GLCNBy: Yigal Grayeff, SA News Editor4 Comments
  • Chinese exports grew for the first time in four months in June, rising 2.8% on year after dropping 2.8% in May and easily beating expectations for a decline of 0.2%.
  • Imports slumped 6.1%, although that represented an improvement from a plunge of 18.1% previously and wasn't as bad as forecasts of -15%.
  • Still, the weak imports indicate that domestic demand remains tepid and adds to the feeling that the central bank could further loosen monetary policy.
  • China's trade surplus narrowed to $46.54B from $59.49B vs consensus of $55.7B.
  • "A return to growth for exports after three months of declines is certainly a positive," says Bloomberg economist Tom Orlik. "However, low single-digit export growth year-to-date against a background of the strengthening global economy is not particularly impressive," Orlik cautions. "With real estate construction also weak, China's main external and domestic engines of demand are both misfiring."
  • The trade figures come ahead of Wednesday's release of GDP data, which is expected to show that growth slowed to 6.8% in Q2 from 7% in Q1.
  • ETFs: FXI, ASHR, EWH, CAF, YINN, KWEB, PGJ, GXC, FXP, CYB, HAO, YANG, CNY, TAO, CHIX, CHN, PEK, CHIQ, CQQQ, MCHI, DSUM, TDF, QQQC, XPP, YAO, GCH, ASHS, YXI, CN, CHXF, FXCH, FCA, CNXT, CHNA, CHII, CHIE, ECNS, EWHS, CHIM, KBA, KFYP, FCHI, JFC, CBON, FHK, AFTY, CHNB, CHAU

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