China's Trade Balance for May, in Yuan terms, came in at CNY296 billion versus CNY330.98 expectations and CNY276.5billion last.
The exports surged 39.5% last month vs. 22.2% previous.
Imports rose by 18.1% vs. 32.1% expected and 32.2% prior.
In USD terms,
China reported a less-than-expected growth in the trade surplus, as imports and exports both missed estimates.
Trade Balance came in at +45.53B versus +50.5B expected and +42.85B previous.
Exports (YoY): +27.9% vs. +41.6% exp. and +32.3% prior.
Imports (YoY): +51.1% vs. +51.5% exp. and +43.1% last.
Additional takeaways
China Jan-May exports to US +38.9% in yuan terms.
China Jan-May imports from US +48.5% in yuan terms.
China Jan-May trade surplus with the US at CNY860.51 bln.
FX implications
AUD/USD shrugs off downbeat Chinese trade figures, now keeping its range near daily lows of 0.7731, modestly flat on the day.
Spiking covid cases in Victoria counters S&P’s upgrade to the country’s outlook. Meanwhile, the US dollar attempts a bounce after the NFP-led sell-off.
