China's Trade Balance for September, in Chinese Yuan terms, came in at CNY558.74 billion versus expectations of CNY510 billion and CNY488 billion previous.
Exports dropped 0.6% YoY in September vs. -3.2% seen in August. The country’s imports declined 0.8% YoY in the reported month vs. -1.6% prior.
In US Dollar terms, China’s trade surplus shrunk more than expected in September.
Trade Balance came in at +77.71B versus +70B expected and +68.36B previous.
Exports (YoY): -6.2% vs. -8.3% exp. and -8.8% previous.
Imports (YoY): -6.2% vs. -6.0% exp. and -7.3% last.
Additional takeaways
China Jan-Sept Yuan-denominated exports +0.6% YoY.
China Jan-Sept Yuan-denominated Imports -1.2% YoY.
China Jan-Sept USD-denominated exports -5.7% YoY.
China Jan-Sept USD-denominated Imports -7.5% YoY.
China Jan-Sept Trade Balance +$630.3 Bln.
FX implications
AUD/USD is off the highs but remains well bid near 0.6325 on encouraging China’s trade figures. The pair is up 0.17% on the day, tradas of writing.
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