China’s Dec Trade Balance: Surplus expands amid a slump in imports

China's Trade Balance for December, in Yuan terms, came in at CNY 604.69 billion versus CNY545.90 billion last.

The exports rose by 17.3% last month vs. 61.6% previous.

Imports increased by 16% vs. 26% prior.

In USD terms,

China reported a bigger-than-expected growth in the trade surplus, as imports dropped while exports outpaced expectations.

Trade Balance came in at 94.46B versus +74.50B expected and +71.72B previous.

Exports (YoY): +20.9% vs. +20% exp. and +22% prior.

Imports (YoY): +19.5% vs. +26.3% exp. and +31.4% last.

Additional takeaways

China Dec trade surplus with the US $39.23B.

China 2021 trade surplus with US $396.58B.

China 2021 yuan-denominated exports +21.2%.

China 2021 yuan-denominated imports +21.5%.

China 2021 dollar-denominated imports +30.1%.

China 2021 dollar-denominated exports +29.9%.

FX implications

AUD/USD ignores mixed Chinese trade figures, keeping its rebound intact around 0.7275. The spot sheds 0.15% on the day, with all eyes on the US Retail Sales data.

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