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China Import/Export Release
Falling commodity prices had a significant impact on the decline in the value of China’s imports. Meanwhile, falling global demand for physical goods impacted the value of China’s exports. China is the world’s factory so its trade data reflects as much about the global economy as it does about China’s own. We can expect exports to decline or remain flat as developed countries’ consumers continue to spend money on travel and experiences rather than manufactured goods. Furthermore, the potential for an actual recession may only exacerbate that decline. Most of China’s imports are commodity-based, rather than finished goods, so commodity prices have an outsized impact.
Key News
Asian equities were mostly lower overnight on higher volumes in a broadly risk-off atmosphere following China’s release of lower-than-expected trade figures for July.
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