Chinese trade data for November 2023
In US dollar terms:
Trade Balance 68.39bn
- vs. expected 58.0bn and prior 56.5bn
Exports +0.5% y/y
- expected -1.1%, prior -6.4%
Imports -0.6% y/y
- expected +3.3% and prior +3.0%
For the YTD:
January – November trade balance is 748bn USD
- exports -5.2% y/y
- imports -6.0% y/y
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These are mixed results. While the better than expected exports performance is welcome news for China’s external sector the big miss on imports confirms concerns about the stumbling recovery in the domestic economy.
China-proxy FX, such as AUD, is weak, AUD/USD is sitting basically at its session low.
AUD/USD update: