Chinese Exports Collapse Leading To 2nd Largest Trade Deficit On Record
by Tyler Durden
ZeroHedge.com
03/07/2014
Plenty of excuses out there for this evening’s collosal miss in Chinese exports (-18.1% YoY vs an expectation of a 7.5% rise) mainly based on timing issues over the Lunar New Year (but didn’t the 45 economists who forecast this data know the dates before they forecast?) This is a 6-sigma miss and plunges China’s trade balance to its biggest miss on record and 2nd largest deficit on record. Combining Jan and Feb data (i.e. smoothing over the holiday), exports are still down 1.6% YoY – not good for the much-heralded global recovery. Exports to the rest of the BRICs were all down over 20% but no there is no contagion from an emerging market crisis.
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