kingworldnews.com / October 13, 2016
Weakness in China is now beginning to concern the rest of the world.
Here is what Peter Boockvar wrote today as the world awaits the next round of monetary madness: The September Chinese trade data was very disappointing. Exports in dollar terms fell 10% y/o/y, three times more than expected and they also fell by 5.6% in yuan. Imports fell by 1.9% y/o/y vs the forecast of a rise of .6%. They did though rise 2.2% in yuan terms. The sharp drop in exports brought their trade balance to a 6 month low. In dollars, exports fell across the world. They were down 8% to the US, 10% to the EU (and 11% to the UK), 7% to Japan, and 11% to the rest of Asia. China’s demand for commodities still remains pretty healthy however. In volume terms, the import of iron ore was the 2nd highest level ever. Crude oil imports were also the 2nd highest on record and up 14% ytd y/o/y. Copper imports moderated to the lowest since February ’15 but on a ytd y/o/y basis they are still up 12%.
Bottom line, weak global trade should be a surprise to no one but this certainly highlights it in bold lettering. We saw the WTO say this just a few weeks ago:
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