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China reported a considerably larger than expected trade surplus - BBH

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Delhi) – Research Team at BBH, notes that in yuan terms, the Chinese surplus jumped to CNY382.05 from CNY343.10 while the consensus had expected a small decline and the record large trade surplus was recorded in October at CNY393.20 bln.

    Key Quotes

    “China reported a considerably larger than expected trade surplus. In yuan terms, the surplus jumped to CNY382.05 from CNY343.10. The consensus had expected a small decline. The record large trade surplus was recorded in October at CNY393.20 bln.

    The larger trade surplus in December was driven by stronger than expected exports. Exports, in yuan terms, rose 2.3%. The consensus was for a 4.1% decline after a 3.7% fall in November. It is the first year-over-year increase since June and only the second positive reading for all of last year. Imports fell 4.0% year-over-year, which is about half of the pace the market expected.

    A somewhat different picture emerges if the figures are in US dollars. The trade surplus widened to $60.09 bln from $54.1 bln. It was the fifth largest for 2015. In dollar terms, exports did not rise but fell 1.4%, which was still considerably better than the Bloomberg consensus (-8%). Imports fell 7.6% in dollar terms. This compares with an 8.7% fall in November and expectations for an 11% decline in December.”
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