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- China’s April Trade Balance: Mixed data fails to lift the aussie
China’s April Trade Balance: Mixed data fails to lift the aussie
China's Trade Balance for April, in Yuan terms, came in at CNY325.08 billion versus CNY441.88 expected and CNY300.58 billion last.
The exports rose by 1.9% last month vs. 16.4% expected and 12.9% previous.
Imports decreased by 2.0% vs. -2.9% expected and -1.7% prior.
In USD terms,
China reported a bigger-than-expected growth in the trade surplus, as imports and exports outpaced expectations.
Trade Balance came in at +51.12B versus +50.65B expected and +47.38B previous.
Exports (YoY): 3.9% vs. +3.2% exp. and +14.7% prior.
Imports (YoY): 0% vs. -3.0% exp. and -0.1% last.
Additional takeaways
China Jan-April yuan-denominated exports +10.3% YoY.
China Jan-April yuan-denominated imports +5.0% YoY.
China Jan-April trade balance $+212.93 bln.
China Jan-Apr dollar-denominated exports +12.5% y/y, imports +7.1% YoY.
China April trade surplus with the US $32.2 bln vs $32.1 bln surplus in March.
FX implications
AUD/USD remains unperturbed by the mixed Chinese trade figures, keeping its downside momentum intact just above 0.7000. The spot is down roughly 1% on the day.
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