Trade surplus data from China for the September month
China trade balance for September: 193.00bn yaun
- expected was CNY 266.05bn, prior was CNY 286.5bn
Exports y/y: +9.0% .... a big miss (its worse than it looks ... base effects should have seen this y/y result higher, the fact that is actually lower is a poor export performance in September. Exports are up from August though.)
- expected was +10.9%, prior was +6.9%
Imports y/y: +19.5%
- expected was +16.5%, prior was +14.4%
In USD terms to follow soon (usually in around half an hour)
Comments from China Customs (General Administration of Customs):
- Q4 trade still faces unstable, uncertain factors
- Jan-Sept iron ore imports 817 million tonnes, up 7.1 percent y/y
- rising commodity prices pushed up China import growth
September iron ore imports 103 million tonnes at a record, up versus 88.7 million tonnes in August (Reuters calculations)
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And, repeating from earlier today:
Next week from China is September inflation (CPI and PPI), Q3 GDP and the National Congress (a twice a decade event -
this is big for leadership and reform announcements).
