June merchandise trade surplus in US dollar terms was $42.77 billion, about as expected. Exports were up a greater than expected 11.3 percent when compared to a year ago while imports were up 17.2 percent on the year. Expectations were for exports to increase 8.9 percent and imports rise 13.0 percent.
On a seasonally adjusted basis, exports increased a monthly 3.7 percent after slipping 0.3 percent in May. Imports were down 1.3 percent after declining 3.3 percent in May. On the year, seasonally adjusted exports were 7.6 percent higher after a 9.4 percent increase in May. Imports were up an annual 11.8 percent after 15.1 percent the month before.
In yuan terms, the trade surplus was CNY294.3 billion, up from May's CNY281.55 billion. Exports in yuan terms were up 17.3 percent on the year while imports were 23.1 percent higher.
Exports to the U.S. increased 19.7 percent on the year to $37.85 billion, the highest growth rate since February 2015 when it increased 48.4 percent. Exports to the European Union grew 15.1 percent to $33.31 billion, the biggest increase since March. Exports to Japan increased 5.5 percent to $11.09, compared up from a 3.7 percent gain in May.