Exports with a solid performance, not so much for imports though.
Yuan terms
China trade balance: CNY 433.19bn surplus
- expected CNY 386bn, prior was CNY 376bn
Exports +19.9% y/y for a beat
- expected 17.1%, prior was 15.7%
Imports +10.1% y/y for a miss
- expected 22.3%, prior was 23.1%
USD terms
China trade balance: $66.73bn
- expected $47.6bn, prior was $58.3bn
Exports +28.1% y/y beat
- expected 21.5%, prior 25.6%
Imports +17.6% y/y miss
- expected 19.2%, prior was 33.1%
The trade surplus with the US is USD 280bn in the January - September months (ie YTD). This will be adding to the renewed urgency in the US to address the imbalance. .
The Chinese export increase, above expected and above the previous month, comes despite the power crunch issues in the country. All the more impressive.
