China’s Trade Balance: Surplus shrinks in October amid unexpected imports surge
|China's Trade Balance for October, in Chinese Yuan terms, came in at CNY405.47 billion versus the previous reading of CNY558.74 billion.
Exports dropped 3.1% YoY in October vs. -0.6% seen in September. The country’s imports jumped 6.4% YoY in the reported month vs. -0.8% prior.
In US Dollar terms, China’s trade surplus unexpectedly narrowed in October.
Trade Balance came in at +56.53B versus +81.95B expected and +77.71B previous.
Exports (YoY): -6.4% vs. -3.1% exp. and -6.2% previous.
Imports (YoY): 3.0% vs. -5.4% exp. and -6.2% last.
Additional takeaways
China Jan-Oct USD-denominated exports -5.6% YoY.
China Jan-Oct USD-denominated Imports -6.5% YoY.
China Jan-Oct Trade Balance +$684.04 Bln.
China’s Oct trade surplus with the US stands at $30.82 billion vs. a $33.19 bln surplus in September.
FX implications
AUD/USD is off the lows on mixed China’s trade figures. The pair is flat on the day, trading at 0.6487 at the time of writing.
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