China posted a set of very disappointing trade data today. Exports and imports posted biggest contraction since 2016. More importantly, imports from the US dropped a massive -35.8% yoy in the month. But for the year, trade surplus with the US hit a record high.
In USD terms in December,
- Trade surplus widened to USD 57.1B, above expectation of USD 51.6B.
- However, exports dropped -4.4% yoy to USD 221.3B.
- Imports dropped -7.6% yoy to USD 164.2B.
- Both imports and exports suffered the steepest decline since 2016.
Staying in December,
- With the US, export dropped -3.5% yoy to USD 40.3B, imports dropped a massive -35.8% yoy to USD 10.4B.
- With EU, exports dropped -0.3% yoy to USD 37.6B, imports dropped -2.7% yoy to USD 22.5B.
- With Australia, exports dropped -5.2% yoy to USD 4.0B, imports dropped -3.4% yoy to USD 7.3B.
For the year as a whole,
- With the US, exports rose 11.3% yoy to USD 478.3B, imports rose just 0.7% yoy to USD 155.1B.
- Trade surplus with the US jumped 17.2% yoy to USD 323.2B, highest on record.
- With EU, exports 9.8% yoy to USD 408.6B, imports rose 11.7% yoy to USD 273.4B.
- Trade surplus with EU rose 6.2% yoy to USD 135.1B.
- With Australia, exports rose 14.2% yoy to USD 47.3B, imports rose 11.2% to 105.45B.
- Trade deficit with Australia rose 8.9% yoy to USD 58.1B.
Link to China customs department data, in simplified Chinese.
