China's Trade Balance surplus narrowed to 324 billion yuan

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Wednesday, Jun 08 2016

China's exports fell by 4.1% vs -4.0% expected, while imports were down by 0.4% vs 6.8% decline forecasted thus leaving trade balance surplus af $49.9B below predicted one of $58.0B. Yuan denominated trade balance showe 1.2% rise in exports and 5.1% incline in imports with trade surplus of 324B.

Chinese importers are also one of the earliest stages in the global manufacturing cycle and they may be importing more because orders are rising due to better global growth. Crude oil imports were 32.24 million tonnes vs 32.58 in April. Oil product imports were 3.01 mt vs 2.51 mt prior. Copper imports were 430K tonnes vs 450K tonnes in April. Falling oil imports are offset by higher imports of products.

Aussie is currently being traded few points above 0.7450 level. Pair is likely to find support around 0.74 handle and resistance above 0.7480 level. There will be no major data releases later today.

More in this category: « U.S. nonfarm productivity contracted at a rate of 0.6% UK Industrial Production increased by 2.0% in May »

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