China January trade balance (USD terms): exports -11.2% and imports -18.8% y/y

Earlier data is here (CNY terms)

China trade balance for January: USD63.3bn

• expected +$60.6bn, prior was $60.06bn

Exports: -11.2%

• expected -1.8%, prior was -1.4%

Imports: -18.8%

• expected -3.6%, prior was -7.6%

-

The data (in CNY terms) hit earlier, posting this for completeness.

Just as horrendous.

-

There may be some new year distortions in these figures and also some sort of reversing in over invoicing/ capital flows