China trade balance for February: $ bn
- expected +$51.00bn, prior was $63.29bn
Exports: -25.4% y/y
- expected -14.5%, prior was -11.2%
Imports: -13.8% y/y
- expected -12.0%, prior was -18.8%
-
we've already had the data in yuan terms
-
We've seen big falls in 'risk' this morning time in Asia, pre-empting the poor data from China. The fall in exports is a shocker. Imports down also, but not quite so bad.
As I said in the preview for this data earlier today, the exports and imports data is indicative of weaker demand abroad and at home
-
Exports posting the biggest year on year drop since May of 2009. its lucky the data is fictional, yeah? ;-)
Otherwise you'd have to worry about the global economy :-D
And, more seriously ... January / February data from China is subject to the Lunar New Year holiday volatility - bringing forward trade, pushing it back and so on. Having said that, though, the export figure in January was shockingly bad too!
(Jan data is here, yuan terms, & USD terms)
-
More:
- China's imports of copper, iron ore, coal and soybeans fell in February from the preceding month, while crude oil imports rose to a monthly record
- Iron ore: China imported 73.61 million tonnes in February, versus 82.19 million tonnes in January
