| Consensus | Consensus Range | Actual | Previous | |
| Balance | $109.0B | $92.0B to $112.6B | $112.5B | $125.8B |
| Imports - Y/Y | 27.7% | 26.8% to 33.6% | 27.5% | 36.0% |
| Exports - Y/Y | 22.9% | 17.0% to 28.6% | 23.9% | 27.0% |
Highlights
China's merchandise trade surplus in US dollar terms narrowed as expected from $125.8 billion in June, the second-highest trade surplus on record, to $112.5 billion in July. Exports rose 23.9 percent on the year after increasing 27.0 percent previously, while imports rose 27.5 percent on the year after a previous increase of 36.0 percent.
Market Consensus Before Announcement
The trade surplus is seen lower but still enormous at $109.0 billion from an astronomical $125.8 billion in June while huge increases continue in both imports and exports from a year ago.
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