China May trade data, exports higher y/y (USD terms)

China trade data coming out in bits and pieces ….all over the shop

Yuan terms

China trade balance CNY 279.12bn - a big beat

• expected CNY 136bn, prior was CNY 93.57bn
• Exports +7.7%y/y vs. expected 4.7%, prior was 3.1% - big beat
• Imports -2.5 % y/y vs. expected 5.8%, prior was 10.3% - big miss

USD terms

China trade balance 41.65bn USD - a big beat

• expected $23.2bn, prior was $13.84bn
• Exports +1.1% y/y, vs. expected -3.8%, prior -2.7% - beat
• Imports -8.5% y/y, vs. expected -3.3%, prior was -4.0% - miss

Data hitting 90 minutes ahead of what was expected (time of release is not confirmed in advance)

Confounding expectations for the trade war to weing on exports, export data has beaten estimates.