The initial release had it pinned for a surplus of $32.64 billion
- Dollar-denominated exports +14.2% y/y
- Dollar-denominated imports -7.6% y/y
On balance, it’s not exactly a good thing that China’s domestic demand is waning further; especially for its major trading partners such as Australia and New Zealand. However, as mentioned above, at least exports are proving to be the saviour for the time being.