Trade data disappointed the market amid headwinds

Summary

Both export and import outturns in November announced today slowed significantly from their readings of the previous month, disappointing the market expectation to the down side. In particular, exports growth eased to 4.7% y/y in November, down from 11.6% of the previous month (consensus: 8.0% y/y) while imports growth even turned negative (November: -6.7% y/y versus October: 4.6% y/y), registering the weakest reading since the Global Financial Crisis. As a result, trade surplus expanded to 54.47 bn USD (Consensus: 43.95 bn USD), from the surplus of 45.41 bn USD in the previous month.

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