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China has released its September trade data and it’s a mixed bag. Exports came in at -13.7% year on year versus -6% expected but imports hit -20.4% versus -16% expected:
That coughed up a surplus approaching $60 billion by my calculations:
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It’s a double blow for emerging markets and Australia as strengthening exports illustrate market share gains for China and falling imports illustrate poor commodity demand. That’s a one-two punch for EMs.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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