Exports fell 4.8 percent year-on-year to USD to 180.3 billion in June of 2016, worse than market expectations of a 4.1 percent drop. In the last twelve months exports rose only in March (10.7 percent). In yuan-denominated terms, exports grew 1.3 percent year-on-year in June, following a 1.2 percent rise in May.
Imports shrank 8.4 percent to USD 132.2 billion, following a 0.4 percent decline in May and market expectations of a 5 percent drop. It is the 20th straight month of decline, a likely sign of weaker domestic demand and lower growth prospects.
In yuan-denominated terms, exports grew 1.3 percent year-on-year in June, following a 1.2 percent rise in May while imports fell 2.3 percent, reversing from a 5 percent growth in May.
Considering the first six months of the year, total trade in USD declined 8.7 percent from a year earlier. Exports fell 7.7 percent as sales shrank to almost all major partners except India: the United States (-9.9 percent); the European Union (-4.4 percent); Hong Kong (-4.8 percent); Japan (-6.1 percent); South Korea (-8.7 percent); Vietnam (-9.1 percent); Singapore (-11.3 percent); India (+1.8 percent). Imports slumped 10.2 percent, mainly due to lower commodity prices. In volume terms, imports fell for steel (-2.8 percent) and edible veg oil (-11 percent) but rose for crude oil (14.2 percent); natural gas (22.7 percent); copper ores and concentrates (34.7 percent); coal (8.2 percwnt) and iron ore (9.1 percent).