10 Dec 2018

Crosby Research: Macro Data Scorecard – Nov Trade Data: Export growth slowed in Nov but not just iPhone to blame

China’s export growth, in USD, slowed to 5.4% YoY in Nov, after registered double-digit growth in 8 of the past 11 months of the year (Fig. 1). The only two months that didn’t were Aug, which was just a notch below double-digit at 9.6% YoY and Mar, which fell 3% YoY due to Chinese New Year seasonality. CNY was in late Feb in this year vs late Jan in 2017, so economic activities remained somewhat affected in Mar this year.