China: Trade data disappoints - TDS

Research Team at TDS, notes that the China’s Oct trade data missed consensus to the downside with both exports and imports less than the market expectation.

Key Quotes

“Trade balance widened to US$49b (vs prior US$42b, mkt US$ 51.7b ). Exports dipped –7.3%/yr (vs mkt –6.0%/yr), down for the seventh straight month, and imports slipped -1.4%/yr (vs mkt –1.0%).  Commodity imports were down across the board on the month, but it is worth noting that this was off elevated levels - coal –11.7%, Iron ore –13%, copper –2%, crude –13% and refined oil –9%. The last time that all major commodity imports declined on the month was in Jan this year.”