A piece in the Wall Street Journal overnight on China's trade data out yesterday. I had the data here:
Both exports and imports fell in US dollar terms. However, given the slide in the yuan both exports and imports rose in local currency terms:
- exports +7% (expected +12.7%, prior +10.7%)
- imports +6.8% (expected +10.0%, prior +5.2%)
Not as much as was expected, but still up y/y.
The headline to my post here on China export slowdown “is a worrying sign for global growth,”
That is via a Wall Street Journal recap of the data and it's a decent key takeaway. It's a quote from chief China economist at Pantheon Macroeconomics in London.
More:
- exports to the U.S. fell 13% on the year in October, the third month of decline, while sales to the European Union fell 9%.
- Other bellwether exporters in Asia, such as South Korea and Taiwan, have also reported faltering overseas sales, pointing to a broad slowdown in trade as the global economy loses momentum.
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As a ps, the opening line of the Journal report is an eyebrow raiser. Maybe I'm in a bad mood, but this:
- China’s exports to the rest of the world shrank
Where else would China be exporting to if not 'the rest of the world'?
Anyway, back to business.
WSJ report link is here (gated).
