China's Trade Balance for May, in Chinese Yuan terms, came in at CNY586.40 billion, widening from the previous figure of CNY513.45 billion.
Exports jumped by 11.2% YoY in May vs. 5.1% seen in April. The country’s imports rose 5.2% YoY in the same period vs. 12.2% recorded previously.
In US Dollar terms, China’s trade surplus shrank in May.
Trade Balance came in at +82.62B versus +73B expected and +72.35B previous.
Exports (YoY): 7.6% vs. 6.0% expected and 1.5% previous.
Imports (YoY): 1.8% vs. 4.2% expected and 8.4% last.
Additional takeaways
China Jan-May USD-denominated exports +2.7% YoY.
China Jan-May USD-denominated Imports +2.9% YoY.
China May trade surplus with the United States $30.8 billion.
China Jan-May trade surplus with the United States $128.2 billion.
FX implications
AUD/USD is holding higher ground on mostly upbeat China’s trade figures. The pair is up 0.07% on the day, trading at 0.6669, at the time of writing.
