China's imports unexpectedly drop in June, but exports beat forecasts

cnbc.com:

BEIJING — China's imports fell in June, missing expectations for slight growth, while exports grew more than expected, customs data released Friday showed.

China's imports fell by 2.3% in June from a year ago in U.S. dollar terms. That contrasts with a forecast of 2.8% growth, according to a Reuters poll.

U.S. dollar-denominated exports for June climbed by 8.6% year on year, beating expectations for 8% growth forecast by the Reuters poll.

Those figures lifted year-to-date imports by 2%, and exports by 3.6% in the first half of the year from a year earlier.

China's exports rose by 7.6% in May from last year in U.S. dollar terms, but imports had increased by just 1.8% during that time.

Domestic demand has remained lackluster. China's consumer prices rose by 0.2% in June, year on year, missing expectations, while producer prices met expectations, data from the National Bureau of Statistics showed on Wednesday.

Core CPI, which strips out more volatile food and energy prices, rose by 0.6% year on year in June, slightly slower than the 0.7% increase in the first six months of the year.

China's National Bureau of Statistics is scheduled to release second-quarter gross domestic product figures and economic indicators for June on Monday.

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