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China's Trade Balance showed surplus of $48.11 billion

Wednesday, Jul 13 2016
China's exports fell more than expected in June as global demand remained stubbornly weak and as Britain's decision to leave the European Union clouds the outlook for one of Beijing's biggest markets.Imports also shrank more than forecast, suggesting the impact of a flurry of measures to stimulate growth in the world's second-largest economy may be fading, after encouraging readings in May. Exports fell 4.8 percent in June from a year earlier and were down 7.7 percent in the first half of 2016, the General Administration of Customs said on Wednesday, adding that China's economy faces increasing downward pressure and the trade situation will be severe this year.
Imports dropped 8.4 percent from a year earlier. That resulted in a trade surplus of $48.11 billion in June, versus forecasts of $46.64 billion and May's $49.98 billion.Economists polled by Reuters had expected June exports to fall 4.1 percent, matching May's decline, and expected imports to fall 5 percent, following May's 0.4 percent dip.
The import decline in May was the smallest since late 2014, raising hopes that China's domestic demand was picking up. However, China's imports of iron ore, crude oil, copper and soybeans all eased in June from the preceding month.
 
Aussie is currently being traded few points above 0.7620 level. Pair is likely to find support around 0.7550 handle and resistance above 0.7670 level.
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