China: Trade data surprised with a deficit of CNY –60.4b - TDS

Analysts at TDS explains that the Chinese trade data surprised with a deficit of CNY –60.4b with imports coming in at a roaring +44.7% (prior +25.2%).

Key Quotes

“It is the first trade deficit since 2014.  CNY revaluation accounts for part of this figure given the depreciation of CNY, and higher bulk commodity prices accounts for the remainder.  We await more clarity from the trade data in dollar terms and volumes, neither available at the time of writing.”