J P M O R G A N Asia Pacific Economic Research 14 July 2026 China: Trade resilient, but hard to sustain growth alone June trade data was stronger-than-expected and more balanced than in April–May and at the start of the year. Exports rose 5.6%m/m sa to 27.0%oya (JPM: 20.4%; market consensus: 19%), imports rose for a seventh straight month by 2.1%m/m sa to 36.0%oya (JPM: 29.7%; market consensus: 26.1%), and the surplus widened to US$125.6bn. Export gains broadened across destinations and products, led by hig ...