China: Merchandise trade surplus increases in June
Latest reading: In June, the trade balance was USD +125.6 billion, following a USD +105.4 billion figure in the previous month. This was the largest surplus since January 2025. Over the last 12 months, the trade balance summed to USD +1175.2 billion.
Merchandise exports were up 27.0% in year-on-year terms in June, following 19.4% growth in the previous month and overshooting market expectations. The expansion was driven by AI-related goods, with chips and computers accounting for over a third of China’s export growth in June. Merchandise imports rose 36.0% in annual terms in June, coming on the back of a 27.4% increase in the previous month. June’s reading was the strongest since June 2021.