June’s surplus exceeded forecasts as exports rose 27% and imports climbed 36%, driven by pre-tariff stockpiling.
China’s trade surplus reached $125.62 billion in June, up from $113.89 billion a year earlier and above the $121 billion consensus. The surplus marks the second-highest monthly total on record, reflecting a surge in both exports and imports.
Exports jumped 27% year-over-year, while imports rose 36%, fueled by manufacturers rushing shipments ahead of anticipated tariff increases. The first-half surplus totaled $575.98 billion, slightly below last year’s pace.
Markets are monitoring the data for signs of sustained demand amid ongoing trade policy shifts.