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China Trade Data is Nail in the Coffin of Global Economy

Chinese exports and imports even though China’s trade balance with the US rose.

Eamonn Sheridan at Forex Live has some interesting comments on China’s December Trade Balance.

The export figures are a focus and they are poor indeed. But save some space in the barf bag for the import results, they are terrible – huge miss on these.

Demand in China has been showing evidence of slowing. This is a nail in the coffin.

December 2018 Data – Yuan Terms

  • China trade balance comes in at CNY 395bn, expected CNY 345bn, prior was CNY 306bn
  • Exports 0.2% y/y, expected 6.6%, prior was 10.2%… BIG MISS
  • Imports -3.1% y/y, expected 12.0%, prior was 7.8% … even bigger miss

December 2018 Data – US Dollar Terms

  • China trade balance USD 57.06bn, expected $51.6bn, prior was $44.7bn
  • Exports -4.4% y/y, expected 2.0%, prior 5.4%
  • Imports -7.6% y/y, expected 4.5%, prior was 3.0%

Tariff Man

Brad Setser on Twitter
Brad Setser on Twitter

Chinese Investment in the US Slumps to 7-Yr Low

Including $13bn in US asset divestitures by Chinese investors, China’s net US investment actually shrank by $8bn in 2018.

…click on the above link to read the rest of the article…

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