China October exports -0.9% y/y in USD terms vs -3.9% expected
Chinese trade balance higher than anticipated
- Trade balance $42.81B vs $40.10B exp
- Imports -6.4% y/y vs -7.9% exp
- Surplus with US $247.7B in Jan-Oct period
In yuan terms:
- Exports +4.9% y/y
- Imports -0.4% y/y
- Surplus 301.38B yuan vs 283.3B yuan expected
- Surplus with US 1.7T yuan in Jan-Oct period
- Exports to US -6.8% y/y in Jan-Oct period
- Imports from US -21.5% y/y in Jan-Oct period
Better numbers than anticipated. These numbers aren't on the calendar and come out at unexpected times.
Those numbers with the US don't exactly scream like they're losing the trade war but what's important to not here is the overall drops in trade. Yes, they aren't as bad as anticipated but a world with falling trading is a world with slowing growth.