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- China’s May Trade Balance: Surplus balloons on exports surge
China’s May Trade Balance: Surplus balloons on exports surge
China's Trade Balance for May, in Yuan terms, came in at CNY502.89 billion versus CNY443.88 expected and CNY325.08 billion last.
The exports jumped by 15.3% last month vs. 13.1% expected and 1.9% previous.
Imports rose by 2.8% vs. -9.0% expected and -2.0% prior.
In USD terms,
China reported a bigger-than-expected growth in the trade surplus, as imports and exports surpassed expectations.
Trade Balance came in at +78.76B versus +58B expected and +51.12B previous.
Exports (YoY): 16.9% vs. +8.0% exp. and +3.9% prior.
Imports (YoY): 4.1% vs. +2.0% exp. and 0% last.
Additional takeaways
China Jan-May yuan-denominated exports +11.4% YoY.
China Jan-May yuan-denominated imports +4.7% YoY.
China Jan-May dollar-denominated imports +6.6% YoY.
China Jan-May dollar-denominated exports +13.5% YoY.
FX implications
AUD/USD shows little reaction to the upbeat Chinese trade figures, keeping its bearish bias intact near 0.7175. The spot is down 0.25% on the day.
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