China
Exports rose 5.8% y/y in June, while imports rose 1.0% y/y, taking China’s trade surplus to a new record of USD 1.14 trillion. Exports to the US fell 16.1% y/y, an improvement on May’s 34.5% y/y decline, while imports from the US fell 15.5% y/y. This left China’s trade surplus with the US slightly narrower at USD 342 billion. The continued strong growth in overall exports points to trade diversion via third country markets to the US.
Japan
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