Europe monsters China’s exports

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Courtesy of Also Sprach Analyst.

Breaking down China’s trade numbers by region, exports growth to Europe has fallen off the cliff:

This is a very weak set of numbers. Exports growth was dragged down primarily by Europe, reflecting the fact that Europe is more or less in a deep recession already, although this was still somewhat worse than what the market has expected. Imports growth was also weaker than expected, reflecting the weak domestic demand which we have come quite used to it by now (still, this was worse than expected). These figures add to the evidence against the consensus view that China economic growth has bottomed in the second quarter.