Strong June Numbers Not An Inflexion Point

China reports stronger-than-expected trade numbers in June, with both imports and exports rising 36.7% yoy and 32.7% yoy respectively. The June export numbers could also have benefitted from logistic bottlenecks in May. Looking ahead, trade data in the upcoming months will likely paint a slowdown, given the fall in new export orders, slower credit growth and a higher base for comparison.