China’s Oct trade balance (CNY): Exports and imports jump – a big beat

China's trade balance for October, in Yuan terms, came in at CNY 233.63bn versus CNY 237bn expected and CNY 213.23bn last. Exports came at +20.1% y/y vs. +12.0% expected and +17.0% last, while imports were +26.3% y/y vs. +14.0% expected and +17.4% last.      

Analysts at Nomura expected, “export growth to moderate, but remain relatively solid at 13.0% y-o-y in October after higher-than-expected growth in September. Import growth is likely to slow more visibly.”

Key Notes:

In Yuan terms, exports to the US are up 8.7% y/y (whole YTD, Jan - Oct 2018).

Imports from the US +3.7% y/y for that same period.

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