While most attention among global onlookers is focused on the almost unbelievable divergence between US and Chinese stocks this year, actual 'real' Chinese import and export data suggest President Trump is far from winning this trade war... in fact it's never been worse.
Headline trade figures show China exports to the rest of the world grew at 14.5% YoY in USD terms (almost double expectations) and imports rose 14.3% YoY in USD terms (below expectations and well below August's 20% rise).
However, all eyes were on the US-China interaction and that's where the fun and games begin...
Chinese exports to the US rose 14.0% YoY in USD terms - the most since February - but, Chinese imports from the US actually dropped 1.2% YoY in USD terms
That pushed China's exports to US to a new record high and saw China's imports from the US sink to 6-month lows... sending China's trade surplus with the US to a new record high...
That pushed China's exports to US to a new record high and saw China's imports from the US sink to 6-month lows... sending China's trade surplus with the US to a new record high...
Zero Hedge
1 comment:
When domestic business conditions deteriorate, the USD zombies lower their prices to try to make up for lost domestic business thru increasing exports to US....
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