China Dec trade USD terms: Exports -9.9% y/y (expected -10.0%) Imports -7.5% (-9.8%)

Exports USD terms -9.9% y/y

• forecast was -11.1%, previous -8.7%

Imports -7.5% y/y

• expected -9.8%, previous -10.6%

Trade Balance USD 78bn surplus

• expected $76.20bn, prior $69.84bn

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Yuan terms also …

Exports -0.5% y/y

Imports 2.2% y/y

Trade Balance 550.1bn

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For 2022 as a whole exports rose 4.3% and imports +10.5%