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Chinese trade numbers are out for October and the run of weakness continues with exports -7.3% year on year and imports -1.4%. The trade surplus is still strong at 49.06bn:
Iron ore imports fell -13% from September to 80.8mt. They are still up 7% year on year:
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A bit surprising given the fury of the ports restocking. Could be noise or, if we recall, steel mill have been destocking to avoid the crazy price action as traders gobbled up the market. That could suggest that underlying demand isn’t great. Or not.
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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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