The headline trade balance figure of +60.34 USD hides the true story: Chinese imports fell for the 11th consecutive month. In US dollar terms, China saw a fall of 20.4% y/y, worse than 16% expected and 13.8%. Exports dropped “only” 3.7% y/y, actually better than 6% predicted.
The import story is not good news for Australia which exports to China. The Australian dollar reacted:
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