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China’s May trade data and is mixed with exports weak -4.1% vs -4.0% expected, and imports better -0.4% vs -6.8% expected and a trade surplus of $49.9bn:
Exports still look pretty sick though controversial steel exports rose 2.1% year on year to 9.4mt but still appear to have peaked:
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No surprise at all on imports given the commodities boomlet boosted the price of everything. Volume wasn’t so flash though with both crude and cooper down. Iron ore imports were up slightly to 86.75 million tonnes.
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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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