China Trade Surplus for May Narrower-Than-Expected
China trade balance (USD) for the month of May came in at 49,98B vs 55.70B expected and 45.56B last, with exports (YoY) (in USD terms) stood at -4.1% vs -4% epected and -1.80% last, while imports (YoY) were -0.4% vs. -6.80% exp and -10.90% last.
According to Chinese Customs, trade figures may continue to face downward pressure in the short term. Note, however, that the fact that imports were higher than expected, which suggests solid industrial/consumer demand, should be interpreted as a positive input for the Aussie and risk.
