Trade data from China showed sharp decline in trade between the US and China in October, clearly a result of tariffs. To highlight, exports to US dropped -8.5% mom. Imports from US dropped even more by -12.9% mom. One might argue that imports from EU also dropped -12.5% mom. Admittedly, that could be a warning sign of slowdown in the Chinese economy. But over the year, imports from EU did rose 12.3% yoy.

In USD term, exports rose 15.6% yoy in October to USD 217.3B. Imports rose 21.4% yoy to USD 183.2B. Trade surplus widened to USD 34.0B, below expectation of USD 36.3B.

In CNY terms, exports rose 20.1% to CNY 1490B. Imports rose 26.3% to 1257B. Trade surplus widened to CNY 234B, above expectation of CNY 209B.

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With EU in October:

  • Total trade dropped -8.8% mom, rose 13.7% yoy to USD 56.7B.
  • Exports to EU dropped -6.4% mom, up 14.6% yoy to USD 35.0B
  • Imports from EU dropped -12.5% mom, up 12.3% yoy to USD 21.6B
  • Trade surplus rose 5.3% mom, 18.5% yoy to USD 13.4B

With EU from January to October

  • Total trade rose 12.8% yoy to USD 563.6B
  • Exports to EU rose 11.8% yoy to USD 336.7B
  • Imports from EU rose 14.3% yoy to USD 226.8B
  • Trade surplus rose 7.0% yoy to USD 109.9B

With US in October

  • Total trade dropped -9.4% mom, rose 9.8% yoy to USD 53.7B
  • Exports to US dropped -8.5% mom, up 13.2% yoy to USD 42.7B
  • Imports from US dropped -12.9% mom, down -1.8% yoy to USD 10.9B
  • Trade surplus rose 19.4% to USD 31.8B

With US from January to October

  • Total trade rose 11.8% yoy to USD 526.1B
  • Exports to US rose 13.1% yoy to USD 392.1B
  • Imports from US rose 8.2% yoy to USD 134.0B
  • Total trade surplus rose 15.8% yoy to USD 258.1B


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