China's merchandise exports jumped 5.1% in July

Imports also climbed 10.9%.

According to J.P. Morgan, China’s July trade report came in better than expected. Merchandise exports rose 5.1%oya (J.P.Morgan: +4.0%; consensus: +2.0 %), compared to the fall at 3.1%oya in June. 

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On seasonally-adjusted terms, exports rose 2.0% m/m, sa in July, following the fall at 4.5% m/m, sa and 5.9% m/m, sa in June and May respectively. Taking the first seven months’ data together, China’s exports rose 9.5%oya,ytd.

Meanwhile, imports rose notably by 10.9%oya in July (J.P.Morgan: +3.2%; consensus: +1.0%), compared to the fall at 0.7%oya in June. This translates into a significant gain at 8.9% m/m, sa in July (vs. -3.5% m/m, sa and -3.7% m/m, sa in June and May respectively).

Trade surplus came in at US$17.82 billion in July (J.P.Morgan: $ 27.6 billion; consensus: $ 26.9 billion), compared to US$27.12 billion in June.