China’s import unexpectedly contracted by -8.5% yoy in May. That’s the large contraction since July 2016, indicating underlying weakness in the economy. Exports did unexpectedly rose 1.1% yoy. But that was likely because of front-loading ahead of new US tariffs. Trade surplus, thus, widened to USD 41.7B. Meanwhile, trade with US continued to deteriorate. From January to May, imports dropped US dropped -29.6% yoy while, exports dropped -8.4% yoy, leaving a surplus at USD 110.5B.
In May, in USD term:
- Exports rose 1.1% yoy to USD 213.9B.
- Imports dropped -8.5% yoy to USD 172.2B.
- Total trade dropped -3.4% yoy to USD 386.0B.
- Trade surplus came in at USD 41.7B, above expectation of USD 23.2B.
From January to May:
- Exports rose 0.4% yoy to USD 985.3B.
- Imports dropped -3.7% yoy to USD 827.9B.
- Total trade dropped -1.6% yoy to USD 1786.2B.
- Trade surplus was at USD 130.5B.
With EU, YTD:
- Exports rose 8.0% yoy to USD 167.2B.
- Imports rose 2.4% yoy to USD 112.9B
- Total trade rose 5.7% yoy to USD 280.1B.
- Trade surplus was at USD 54.3B.
With US, YTD:
- Exports dropped -8.4% yoy to USD 160.1B.
- Imports dropped -29.6% yoy to USD 49.6B.
- Total trade dropped -14.5% yoy to USD 209.7B.
- Trade surplus was at USD 110.5B.
With AU, YTD:
- Exports rose 3.1% yoy to USD 18.3B.
- Imports rose 7.7% yoy to USD 46.7B.
- Total trade rose 6.4% yoy to USD 64.9B.
- Trade deficit was at USD -28.4B.
