China’s May Trade Balance: Surplus and exports grow, miss estimates
|China's Trade Balance for May, in Yuan terms, came in at CNY296 billion versus CNY330.98 expectations and CNY276.5billion last.
The exports surged 39.5% last month vs. 22.2% previous.
Imports rose by 18.1% vs. 32.1% expected and 32.2% prior.
In USD terms,
China reported a less-than-expected growth in the trade surplus, as imports and exports both missed estimates.
Trade Balance came in at +45.53B versus +50.5B expected and +42.85B previous.
Exports (YoY): +27.9% vs. +41.6% exp. and +32.3% prior.
Imports (YoY): +51.1% vs. +51.5% exp. and +43.1% last.
Additional takeaways
China Jan-May exports to US +38.9% in yuan terms.
China Jan-May imports from US +48.5% in yuan terms.
China Jan-May trade surplus with the US at CNY860.51 bln.
FX implications
AUD/USD shrugs off downbeat Chinese trade figures, now keeping its range near daily lows of 0.7731, modestly flat on the day.
Spiking covid cases in Victoria counters S&P’s upgrade to the country’s outlook. Meanwhile, the US dollar attempts a bounce after the NFP-led sell-off.
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.