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:
Advertisement
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.