Over the weekend, China released its October trade data and it was mixed versus expectations. Export growth year on year was firm at 11.6% versus 10.6 expected. Import growth was 4.6% versus 5%:
The trade balance rebounded to a rollicking $45.4 billion:
Doubts around the export growth will rightly remain given recent month’s whackyness in Hong Kong receipts. Despite that, export growth has flat-lined since early 2012 and import growth is the perfect picture a little cyclical strength within a larger structural downtrend. Stability appears the best case.
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