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- China’s Nov Trade Balance: Surplus shrinks amid a massive surge in imports, exports disappoint
China’s Nov Trade Balance: Surplus shrinks amid a massive surge in imports, exports disappoint
China's Trade Balance for November, in Yuan terms, came in at CNY460.68 billion versus CNY372.23 billion expected and CNY545.90 billion last.
The exports rose by 16.6% last month vs. 17.2% expected and 20.3% previous.
Imports increased by 26% vs. 9.4% expected and 14.5% prior.
In USD terms,
China reported a smaller-than-expected growth in the trade surplus, despite both imports and exports bettered expectations.
Trade Balance came in at +71.72B versus +82.75B expected and +84.54B previous.
Exports (YoY): +22% vs. +17.2% exp. and +27.1% prior.
Imports (YoY): +31.7% vs. +19.5% exp. and +20.6% last.
Additional takeaways
China Jan-Nov trade balance $ +581.71 billion
China Jan-Nov dollar-denominated exports +31.1% YoY, imports +31.4% YoY.
FX implications
AUD/USD ignores downbeat Chinese trade figures, keeping its rebound intact around 0.7050. The spot adds 0.06% on the day, currently trading at 0.7052, with all eyes on the RBA decision.
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