- China May trade data
- Prior was +96.1B
- USD denominated exports +4.8% y/y vs +5.0% exp
- USD denominated imports -3.4% y/y s -0.9% exp
- Yuan-denominated exports +6.3%
- Yuan-denominated imports -2.1%
- Trade surplus with US at $18.01B vs +$20.46 in April
- Exports to the US fell 34.5% y/y in May, after falling 21% in April
The trade war curbed imports but not in some kind of game-changing way, which is somewhat surprising. It may highlight that it’s going to be very difficult to reshape global trade.
