China trade surplus narrows more than expected in August

China August trade surplus came-in at CNY 286.5 billion, missing the estimate of CNY 335.70 billion. The previous figure was CNY 321.20 billion. 

Key points

Exports printed at +6.9% y/y, expected 8.7%, prior was 11.2%

Imports printed at +14.4% y/y, expected 11.7%, prior was 14.7%

Iron ore imports +6.7% y/y

Crude oil imports +12.2% y/y

Natural gas imports +25.5% y/y

Steel product exports -28.5% y/y