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1、Economics-DataReactions13July2017ChinaTradeData(June2017)KelvinLamActivitycontinuestobeatexpectationsGreaterChinaEconomistTheHongkongandShanghaiChinatradedatacameinstrongerinJune,andhigherthanmarketexpectations.InBankingCorporationLimiteddollarterms,exportgrowthwa
2、s11.3%y-o-ywhileimportswassoaringawayat+85229966975kelvin.h.p.lam@hsbc.com.hk17.2%y-o-y.Machinery&electronicsandhigh-techproductscontinuedtobethemaindriversforexports,whileresilientdemandforcapitalgoodsandcrudeoilViewHSBCGlobalResearchat:werebehindthestrengthinimp
3、orts.Inall,wethinktheindustrialupgradinginhttp://www.research.hsbc.comChinaandstrongerglobaldemandwillsupportexportgrowthinthecomingquarters.IssuerofreportTheHongkongandShanghaiBankingCorporationLimitedFactsDisclosures&DisclaimerThisreportmustbereadwiththe•Juneexp
4、ortgrowthcameinat11.3%y-o-yinUSDterms(Bbg:8.9%y-o-y)comparedwithdisclosuresandtheanalyst8.7%y-o-yinMaycertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit•Ordinaryexportsgrewby6.2%y-o-y,comparedwith3.4%y-o-yinMay•Processingexportsroseby10.
5、8%y-o-y,comparedwith6.7%y-o-yinMay•ExportstoG3countriesroseby15.8%y-o-ycomparedwith9.7%y-o-yinMay•ExportstononG3countriescameinat4.7%y-o-ycomparedwithgrowthof2.8%y-o-yinMay•Juneimportgrowthcameinat17.2%y-o-yinUSDterms(Bbg:14.5%)comparedwith14.8%y-o-yinMay•Ordinary
6、importsroseby19.0%y-o-ycomparedwith17.1%y-o-yinMay•Processingimportsroseby15.9%y-o-ycomparedwith11.2%y-o-yinMay•Invalueterms,importsofironore,coal,crudeoilandcoppergrewby21.4%,58.2%,33.3%and22.4%,comparedwith34.1%,85.3%,50.3%and-5.3%(alliny-o-y)respectivelyinMay.•
7、Involumeterms,importsofironore,copperandcrudeoilroseby16.0%,4.4%and17.9%(alliny-o-y)respectively,comparedwith5.5%,-19.6%and15.4%(alliny-o-y)respectivelyinMay.Importsofcoalfellby0.7%y-o-yvs.+16.6%y-o-yinMay•JunetradebalancecameinatUSD42.8bnvs.USD40.8bninMayImplicat
8、ionsChinatradeactivitypickedupinJune.Indollarterms,exportgrowthacceleratedto11.3%y-o-yfrom8.7%y-o-ypreviously,muchhigherthanthemarketexpectationsof8.9%g
