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E-MINI S&P (U1): Northbound

     BEIJING (MNI) - China reported weaker-than-expected trade performance in
November as tariffs imposed by the U.S. cut its exports. A slowing economy and
retaliatory tariffs on goods including soybeans, and declining commodity prices
further weakened imports. Below are five highlights from the data released on
Saturday by its customs agency:
     - Exports rose 5.4% y/y to USD227.42 billion, down from 15.6% last month,
and far below the 10.0% median of an MNI survey. The growth was slowest in eight
months. Exports for the first 11 months increased by 121.8% y/y to USD2.27
     - Imports declined to 3.0% y/y to USD182.67 billion. Growth was dropping
sharply from last month's 21.4%, and also failed to meet the 13.8% projected by
the MNI survey. Imports for the first 11 months were USD1.97 trillion, 18.4%
higher than a year ago.
     - Trade surplus expanded to USD44.75 billion from USD34.76 billion in
October, the most this year. The year-to-date surplus was the smallest in five
years at USD299.59 billion. 
- Exports to the U.S. increased by 9.8% y/y to USD46.22 billion. Imports from
the U.S. fell sharply by 25.0% y/y to USD10.67 billion. The surplus of USD35.55
billion enlarged from $31.78 billion in September.
     - Exports to the EU and Japan gained 4.72% and 6.02% y/y while imports fell
by 1.29%, rose 5.86%, respectively.
--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email:
--MNI Beijing Bureau; +86 10 8532 5998; email: