RHB | China | Exports Showed Broad-Based Strength in July

Economic Research	08 August 2014
China
Economic Highlights
Exports Showed Broad-Based Strength in July China’s exports came in better than expected in July, rising by 14.5% yoy (OSK-DMG: 6.4%, consensus: 7.0%) after a 7.2% gain in June. This was the strongest increase in fifteen months, suggesting that the export sector is gradually recovering on the back of the ongoing global recovery while the effect of the high base diminishes. Imports, however, unexpectedly declined in July by 1.6% yoy (consensus: 2.6%), following a 5.5% increase in June. As a result, trade surplus widened from US$31.6 billion in June to a record high of US$47.3 billion in July, adding to the picture of a better external sector that should support stronger growth in the coming quarter. Economist:  Liang Siew Huay  | +65 6232 3851