Chinese trade data for April is out and has beaten low market expectations even though it’s lousy. Exports were up 0.9% year on year versus expected of -3.0%, prior was -6.6%. Imports are up 0.8 % versus expected -2.1%, prior was -11.3%. The surplus came in at $18.46 billion versus $16.7 billion expected.
Iron ore did better. China imported 83.39 million tonnes in April, up 12.75 %compared with the March. Imports for the first four months are up 21% year on year.
Still weak overall but the Aussie loved it, up another 20 pips!
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