Global growth softens as Chinese imports fall

by Chris Becker

The Chinese trade data for July just printed, in both Yuan and USD terms and it makes for sober reading if you’re a German exporter:

China trade balance for July: USD52.3bn

• expected +$47.3bn, prior was +$48.11bn

Exports -4.4% y/y

• expected -3.5%, prior was -4.8% y/y

Imports -12.5% y/y

• expected -7.0%, prior was -8.4% y/y

So far this year, that’s exports down 1.6% while imports are off nearly 5% in Yuan terms.

Markets are taking it well with the Australian dollar barely effected, while Chinese stocks are the laggard in Asia today, they are still up as all fingers are pressed on buy buttons following Friday nights US jobs data release.