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Economy in Brief
U.S. Mortgage Applications Continued to Slide Amid Higher Rates
The biggest declines have been in refinancing activity, while applications for purchase are just starting to crack...
UK Inflation Jumps
Inflation is at the highest rate since the series began in January of 1989...
U.S. Industrial Production Much Stronger than Expected in April
The increase in manufacturing output in April was once again led by motor vehicle and parts production...
U.S. Retail Sales Posted Solid Rise in April
Notwithstanding falling real incomes and declining confidence measures, consumer spending posted a solid increase...
U.S. Home Builder Index Took a Steep Drop in May
This is the fifth straight month that builder sentiment has declined...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & Fed Policy: A Relationship Which Should Worry The Fed And Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
by Louise Curley March 12, 2012
China's exports of goods declined a record $28 billion in February and
imports increased $14.4 billion leaving the country with a $19.3 billion
trade deficit, the largest in recent history and $42.2 billion larger than
the deficit in 2011. Total exports, imports and the balance of trade are
shown in the attached chart. Trade has usually been disrupted
by the Chinese New Year--exports tend to decline and imports to rise
around the New Year. Until recently, however, the impact had not
been particularly unusual. Last year there was a small trade deficit
of $2 billions in February for the first time. This year's big
deficit suggests that in the future the impact of the New Year on the
economy may continue to be more significant than it has been in the
past. But, if this is the case, there is likely to be some make up
in the coming months when exports will increase and imports
decrease
Data on Chinese trade by country, except for the United States and the European Union, are only available with delays of several months. In addition these data do not include the revisions in the data, that are made in the total trade data. However, the 27 countries of the European Union and the United States make up a significant proportion of China's trading partners. Both the United States and the European Union improved their trade balances with China. The U. S. balance declined $4.9 billion to $15.2 billion in February of this year from $20 billion in January, while that in the EU declined much more, $7.8 billion from $11.7 billion to $3.9 billion. China's exports to the U.S. declined $4 billion in January and and imports from the U. S. 1ncreased $0.7 Billion.& For the EU, exports were down $4.5 billion and imports were up $3.3 billion.
Feb'12 | Jan'11 | Feb'11 | M/M Chg | Y/Y Chg | 2011 | 2010 | 2000 | |
China Total Trade in Goods | ||||||||
Exports | 142.1 | 170.0 | 133.2 | -27.9 | 8.5 | 1890.3 | 1573.5 | 1197.0 |
Imports | 162.1 | 147.0 | 135.2 | 14.4 | 26.2 | 1741.8 | 1394.8 | 1001.3 |
Balance | -19.3 | 23.0 | -2.0 | -42.3 | -17.3 | 148.4 | 178.8 | 195.6 |
Trade With USA | ||||||||
Exports | 26.3 | 30.3 | 23.4 | -4.1 | 0.9 | 322.7 | 282.0 | 220.0 |
Imports | 11.0 | 10.3 | 10.1 | 0.7 | 2.8 | 121.8 | 104.7 | 77.5 |
Balance | 15.2 | 20.0 | 13.4 | -4.9 | 1.8 | 120.9 | 180.3 | 142.6 |
Trade With EU | ||||||||
Exports | 24.7 | 29.2 | 25.5 | -4.5 | -0.8 | 354.7 | 310.0 | 235.2 |
Imports | 20.8 | 17.5 | 16.1 | 3.3 | 4..7 | 210.0 | 168.3 | 122.87. |
Balance | 3.9 | 11.7 | 9.4 | -7.8 | -5.5 | 143.9 | 142.6 | 107.4 |