China’s May Trade Balance: Surplus shrinks as exports tumble
China's Trade Balance for May, in Chinese Yuan terms, came in at CNY452.33 billion versus CNY643.25 billion expected and CNY618.44 billion last.
Exports fell 0.8% in the reported period vs. 9.9% expected and 16.8% previous.
The country’s imports rose 2.3% vs. 4.2% expected and -0.8% prior.
In US Dollar terms, China reported a sharp decrease in the trade surplus as exports show a bigger-than-expected drop.
Trade Balance came in at +65.81B versus +92B expected and +90.21B previous.
Exports (YoY): -7.5% vs. -0.4% exp. and 8.5% prior.
Imports (YoY): -4.5% vs. -8.0% exp. and -7.9% last.
FX implications
AUD/USD is feeling the pull of gravity on mostly downbeat Chinese trade figures. The spot is down 0.04% on the day, trading at 0.6667, as of writing.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
