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China’s July trade data surprised to the upside, with exports rising 7.2% yoy and imports jumping 4.1% yoy — the largest annual gain in over a year. Strong commodity demand underpinned the figures, as soybean imports surged 18.5% yoy and crude oil shipments rose 11.5% yoy.
The trade surplus came in at USD 98.2 B, narrower than the expected USD 107.9B, suggesting stronger domestic demand helped balance trade flows.
While the numbers offer a positive signal for global demand, investors remain focused on the looming August 12 deadline to finalize a lasting trade agreement with the US. The strong data may give Beijing some negotiating leverage, but uncertainty remains high.
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