China’s Nov Trade Balance: Surplus shrinks amid a massive surge in imports, exports disappoint
|China's Trade Balance for November, in Yuan terms, came in at CNY460.68 billion versus CNY372.23 billion expected and CNY545.90 billion last.
The exports rose by 16.6% last month vs. 17.2% expected and 20.3% previous.
Imports increased by 26% vs. 9.4% expected and 14.5% prior.
In USD terms,
China reported a smaller-than-expected growth in the trade surplus, despite both imports and exports bettered expectations.
Trade Balance came in at +71.72B versus +82.75B expected and +84.54B previous.
Exports (YoY): +22% vs. +17.2% exp. and +27.1% prior.
Imports (YoY): +31.7% vs. +19.5% exp. and +20.6% last.
Additional takeaways
China Jan-Nov trade balance $ +581.71 billion
China Jan-Nov dollar-denominated exports +31.1% YoY, imports +31.4% YoY.
FX implications
AUD/USD ignores downbeat Chinese trade figures, keeping its rebound intact around 0.7050. The spot adds 0.06% on the day, currently trading at 0.7052, with all eyes on the RBA decision.
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