The China customs published Trade Balance for September in USD terms, reporting a narrowing trade surplus, in light of a big jump in imports.
In USD terms,
Trade Balance came in at +37B versus +59.98B expected and +58.9B previous.
Exports (YoY): +9.9% vs. +10.0% exp. and +9.5% last.
Imports (YoY): +13.2% vs. +0.2% exp. and -2.1% last.
Market implications
The massive jump in imports is welcome news for the Chinese economy. However, it failed to have any positive impact on the Chinese proxy, the AUD. The AUD/USD pair hovers near daily lows of 0.7165.
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