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China’s trade balance widened to $31.7 billion in June as imports increased sharply below expectations, new government data shows.Exports increased 11.3 per cent, above forecasts for a 10.6 per cent gain.
However imports slumped during the period, advancing 6.3 per cent during the month. That was roughly half the increase economists polled by Bloomberg had expected.
Wall Street had projected a trade surplus of $24 billion during the period.
Following the release of the data, Asian markets have given up some of their earlier gains. Japan’s Nikkei is now up 0.3 per cent, while the Hang Seng improves 0.4 per cent.
According to Bloomberg, this is the highest monthly trade surplus in more than three years.