Latest trade data out of China in CNY terms - 8 May 2018
- Prior -¥29.8 bn
- Exports y/y +3.7% vs +4.0% expected
- Prior -9.8%
- Imports y/y +11.6% vs +10.4% expected
- Prior 5.9%
Imports continue to hold at a strong pace, and exports have also improved slightly compared to March. Overall, these are decent figures and should be a bit of a positive for the aussie. Although the story for imports giving a boost to the aussie isn't anything new as pointed out here last month.
The bad taste of the retail sales figures earlier should outweigh this in my view.
In USD terms:
- Trade surplus $28.8 bn
- Exports +12.9% y/y (estimate +8.0%)
- Imports +21.5% y/y (estimate (+16.0%)
As for China's trade surplus with the US, customs data show that for April it came in at $22.2 bn. That would see the year-to-date figure stand at $80.4 bn for 2018 so far.
