China June exports fall 1.3% y/y; imports drop worse-than-expected 7.3%

China's exports in June fell 1.3% from a year earlier, customs data showed on Friday, but the drop was less than expected amid mounting pressure from U.S. tariffs. Analysts surveyed by Reuters had tipped exports to fall 2.0% from a year earlier after May's data showed an unexpected increase of 1.1%. While China is not as dependent on exports as in the past, they still account for nearly a fifth of its gross domestic product.

Imports in June fell 7.3% from a year earlier, sharper than a 4.5% decline tipped by analysts but less than an 8.5% drop in May. That left China with a trade surplus of $50.98 billion last month, compared with a $41.66 billion surplus in May. Analysts had forecast a surplus of $44.65 billion for June.