China Trade Data (June 2017):Activity continues to beat expectations

China trade data came in stronger in June, and higher than market expectations. Indollar terms, export growth was 11.3% y-o-y while imports was soaring away at17.2% y-o-y. Machinery & electronics and high-tech products continued to be themain drivers for exports, while resilient demand for capital goods and crude oilwere behind the strength in imports. In all, we think the industrial upgrading inChina and stronger global demand will support export growth in the comingquarters.