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- China’s November Trade Balance: Surplus shrinks as exports and imports disappoint
China’s November Trade Balance: Surplus shrinks as exports and imports disappoint
China's Trade Balance for November, in Chinese Yuan terms, came in at CNY494.3 billion versus CNY575.45 expected and CNY586.81 billion last.
The exports rose by 0.9% last month vs. 7.0% previous.
The country’s imports dropped by 1.1% vs. 4.1% expected and 6.8% prior.
In US Dollar terms,
China reported a reduction in the trade surplus, as exports and imports showed a bigger-than-expected slump.
Trade Balance came in at +69.84B versus +78.10B expected and +85.15B previous.
Exports (YoY): -8.7% vs. -3.5% exp. and -0.3% prior.
Imports (YoY): -10.6% vs. -6.0% exp. and -0.7% last.
Meanwhile, China’s Jan-Nov Yuan-denominated Exports arrived at +11.9% YoY.
China’s Jan-Nov Yuan-denominated Imports came in at +4.6% YoY.
China’s Jan-Nov Trade Balance stood at CNY+5.34 trillion.
China’s Jan-Nov Dollar-denominated Exports: +9.1% YoY.
China’s Jan-Nov Dollar-denominated Imports: +2.0% YoY.
FX implications
AUD/USD has come under fresh selling pressure on disappointing Chinese trade figures, slipping below 0.6700 once again. The spot is trading flat on the day at 0.6690, as of writing.
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