A snippet preview from ING on what to watch for the Chinese trade data due today:
- We are looking for trade growth to continue to slow on the month, and we are forecasting export growth of around 5% YoY and import growth of around 3% YoY for a trade balance of USD 74.9 bn.
- This month’s data may have two scrutinised categories for those monitoring the overcapacity theme, one being auto exports, which have come under some recent pressure and are expected to continue to slow this month. Another category will be steel, which got some headlines last month amid rising exports but shrinking imports.
That 0300 GMT (2300 US Eastern) time for the trade data should be viewed as a guide only.
