Yuan Depreciation Working, Exports Rise in June

The latest trade report shows a continuing slowdown in the economy, but currency depreciation is already having an impact: Chinese exports priced in yuan increased 1.3 percent in June. Imports fell 2.3 percent; total trade fell 0.3 percent.

Year to date, exports priced in yuan are down 2.1 percent.

Year to date, exports to the United States are down 4.6 percent, imports down 8.1 percent. Exports to Hong Kong up 1 percent, imports up 144 percent.

Year to date, coal exports up 99.3 percent; up 50 percent by value. Rare earth exports up 67.2 percent by volume. Rice exports up 9 percent by volume. Autos/chassis down 11 percent by volume.

Year to date, auto imports down 11 percent by volume. Fresh fruits, nuts down 10 percent; cereals and grains down 20 percent. Copper imports up 34.7 percent, iron ore up 9.1 percent, coal up 8.2 percent, crude oil up 14.2 percent. Pharmaceuticals up 15.4 percent. Natural and synthetic rubber up 34.8 percent.

WSJ: China’s Export Decline Accelerates

June exports were down 4.8% in dollar terms from a year earlier, the customs administration said Wednesday, accelerating from drops of 4.1% in May and 1.8% in April.

Imports also weakened, the agency reported, falling 8.4%, compared with a 0.4% drop in May, as China’s appetite for goods from its Pacific neighbors shrank.

Bloomberg: China Trade Shows Sluggish Demand While Weaker Yuan Softens Blow

Exports to U.S. fell 10.4 percent, while those to Brazil plunged 21.5 percent.

Imports from Canada slumped 44.6 percent, and from U.S. dropped 12.7 percent.