9 Jun 2014
China trade: Imports remain depressed - RBS
FXStreet (Bali) - Following the latest Chinese trade figures over the weekend, the Economics Research Team at RBS, notes that while exports growth consolidated in China, imports remain depressed.
Key Quotes
"Export growth in May of 7% yoy in USD terms indicates that, after a slow start in Q1, global demand growth has improved. Import growth was much weaker than expected, though, possibly reflecting a slow growth of demand in China’s economy."
"In all, the trade balance surged, confirming it remains the key structural driver on the FX market. On balance, we do not think the May trade data by itself will change the macro policy stance significantly either way."
Key Quotes
"Export growth in May of 7% yoy in USD terms indicates that, after a slow start in Q1, global demand growth has improved. Import growth was much weaker than expected, though, possibly reflecting a slow growth of demand in China’s economy."
"In all, the trade balance surged, confirming it remains the key structural driver on the FX market. On balance, we do not think the May trade data by itself will change the macro policy stance significantly either way."