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- China’s Trade Balance: Surplus narrows more than expected in August
China’s Trade Balance: Surplus narrows more than expected in August
China's Trade Balance for August, in Chinese Yuan terms, came in at CNY488 billion versus CNY575.70 billion previous.
Exports dropped 3.2% in the reported period vs. -9.2% last. The country’s imports fell 1.6% vs. -6.9% prior.
In US Dollar terms, China’s trade surplus shrunk more than expected in August.
Trade Balance came in at +68.36B versus +73.90B expected and +80.60B previous.
Exports (YoY): -8.8% vs. -9.5% exp. and -14.5% prior.
Imports (YoY): -7.3% vs. -9.4% exp. and -12.4% last.
Additional takeaways
China Jan-Aug dollar-denominated exports -5.6% YoY.
China Jan-Aug Dollar-Denominated Imports -7.6% YoY.
China Jan-Aug Trade Balance +$553.4 Bln.
FX implications
AUD/USD is testing lows near 0.6365 on dismal China’s trade figures. The spot is down 0.20% on the day, trading at 0.6368, as of writing.
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