China May trade data is disappointing, especially for exports.
For May, in US dollar terms:
Exports -7.5% y/y
- expected -0.4%, prior +8.5%
Imports -4.5% y/y
- expected -8.0%, prior -7.9%
In yuan terms (the yuan is sliding, cushioning the blow):
Exports -0.8%
- expected +9.9%, prior +16.8%
Imports +2.3%
- expected 4.2%, prior -0.8%
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For the YTD, in USD terms:
- Exports +0.3%
- imports -6.7%
For the YTD in yuan terms:
- Exports -0.8% y/y
- imports +0.5% y/y