Chinese trade data for August shows exports +7.1% y/y (expected +12.8%) in USD

Data available so far (it’s just a trickle):

The trade balance is in surplus of 79.4 billion USD

  • expected 92.7 billion, before 101.3 billion

Year-to-date oil imports are down 4.7% year-on-year

  • coal imports down 14.9% since the start of the year


The Chinese economy has indeed been very hard hit by

  • ongoing COVID-related lockdowns
  • the real estate sector is collapsing under the weight of debt
  • power outages

Check that import number, it’s awful. Exports not too hot either.


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