China: Exports contract sharply in December
January 13, 2017
Chinese exports fell 6.1% annually in December, following the 1.6% drop recorded in November (previously reported: +0.1% year-on-year). The print exceeded the 4.0% decline that market analysts had expected. Despite the weakening of the yuan, global uncertainties are hitting the all-important external sector.
Meanwhile, imports rose 3.1% annually, which came in below the 4.7% increase recorded in November (previously reported: +6.7% yoy). The print was broadly in line with the 3.0% expansion that market analysts had expected.
As a result of the strong rebound in imports, the trade surplus declined from USD 59.6 billion in December 2015 to USD 40.8 billion in December 2016. In the full year 2016, the trade balance posted a surplus of USD 510 billion, which was below the USD 608 billion surplus in 2015.