China: Exports and imports contracted in December – ING
|Iris Pang, economist at ING, notes that China’s trade data painted dismal picture of the economy as exports and imports shrank 4.4%YoY and 7.6%YoY in December 2018, respectively, considerably down from ING’s already downbeat forecasts of +2.5%YoY and 0.0%YoY, respectively.
Key Quotes
“Exports fell for commodity energy goods like coal and crude oil. But there were also declines in some electronic related parts and goods and auto-related parts.”
“It was a similar story for imports, but with even greater reductions in electronic-related parts and goods.”
“For the full year, exports and imports rose by 9.9% and 15.8% in 2018 respectively, which resulted in an annual trade surplus of $351.8 billion. This was down from $509.7 billion in 2017, due to faster growth of imports relative to exports. The 31% decline in the trade balance also implies that China's consumption growth was reasonably solid in 2018.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.