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TD Securities analysts are looking for a deterioration in both exports and imports in June for the Chinese economy, with the former likely to drop by -3.0% and the latter by -9.2%.

Key Quotes

“Weakness in trade continues to be signalled by forward looking indicators, with both new export orders and imports PMI, falling further into contraction territory in June.”

“Additionally, exports from Korea to China continue to weaken, plunging by 24% y/y in June while imports are not much better, rising by only 1.2% y/y in the same months, adding further evidence to a softening in Chinese trade.”