Trade surplus data from China for the Oct month
Yuan terms
China trade balance for October: CNY 233.63bn, smaller than expected surplus (by a little)
- expected CNY 237bn, prior was CNY 213.23bn
Exports 20.1% y/y … big beat
- expected 14.2%, prior was 17.0%
Imports 26.3% y/y …. even bigger beat
- expected 17.7%, prior was 17.4%
USD terms
China trade balance: USD 34.01bn
- expected $35.15bn, prior was $31.7bn
Exports 15.6% y/y
- expected 11.7%, prior 14.5%
Imports 21.4% y/y
- expected 14.5%, prior was 14.3%
Well, this is a big result, exports still surging from China, perhaps 'front-loading' continues?
Just trying to tease out the figure for what exports look like to the US
OK, in yuan terms exports to the USA are up 8.7% y/y (that is for the whole YTD, Jan - Oct 2018)
- imports from the US +3.7% y/y for that same period
The better than expected export data from China should be a positive inout for the AUD
More:
For the October month China's trade surplus with the US was 31.78bn USD,
- against a surplus of 34.13bn USD in September
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