Futures are limping lower after overnight China reported that export growth moderated from 14.8% in March to 8.5% in April, slightly better than market expectations, and unchanged from the 1Q23 average, while Imports unexpectedly collapsed, badly missing expectations. Both export and import value declined sharply in April in sequential terms (exports: -5.
4% sa non-annualized, imports: -5.1%, USD-denominated). The sequential decline in exports is in line with historical patterns for this year's earlier-than-normal Lunar New Year. According…China’s Commodity Imports Are Under Pressure
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