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Eco Data - Exports And Imports For January 2015

The Chinese Customs Bureau released trade data for January which showed both imports and exports falling YoY faster than expected, and a strong USD meant that the country reported a staggering 60 billion USD trade surplus. Imports were down -19.9% YoY, well under expectations for a -3% drop, and exports fell by -3.3%, nowhere close to the +6.3% consensus estimate.

January's trade data showed continued weakness in Europe, extending the theme from recent months, the difference being in January there was an outright contraction YoY instead of just a weakening trend. The weakening Euro has arguably been a factor for the data, however waning demand in Europe is probably also a culprit.

The RMB has strengthened nearly 17% since June 2014 (form 8.50 EUR/CNY to 7.06 last week, data from XE.com), which has undoubtedly impacted the competitiveness of Chinese goods for European consumers.

Major Trading partners Jul-14 Aug-14 Sep-14 Oct-14