China Exports Crash Most In 6 Months Despite "Devalued" Yuan

Tyler Durden's picture




 

Despite the weakening of the Yuan, China exports collapses 6.6% YoY in January (massively missing the 3.6% increase expected). Imports continued their 15 month series of collapses with a 14.4% plunge (again drastically worse than the 1.8% increase expected). This pushed the trade balance to a record surplus CNY406bn.

In Yuan terms it's ugly... Both imports and exporets were worse than the lowest forecast of all professional economists...

 

But in USD terms it's a disaster...

 

Of course, between Japan's disastrous GDP and China's trade collapse, this is great news for those demanding moar as excuses for extreme monetary policy are just piling up in the ashes of previous failed policies.

 

Of course what everyone is really waiting for is the Hong Kong trade data to see just how much capital "leaked"...

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Sun, 02/14/2016 - 22:34 | 7186550 mtndds
mtndds's picture

Ouch.

Sun, 02/14/2016 - 22:37 | 7186561 Soul Glow
Soul Glow's picture

BREAKING:  Scalia found with pillow over head.  Not heart attack.

Sun, 02/14/2016 - 22:59 | 7186609 FreeShitter
FreeShitter's picture

Oh shit n/m.......ussa pulling serious shit right now.

Mon, 02/15/2016 - 00:10 | 7186763 El Oregonian
El Oregonian's picture

Yes! And to show that bad news is Good. This story is terrible news, yet the Hang Seng is ripping up 507 POINTS at this very moment!

RUN!!! Get the hell out to the exits before you get trapped in a crowded exit door; when this sucka comes burning down, it will come down in breathtaking speed.

Mon, 02/15/2016 - 01:16 | 7186894 sun tzu
sun tzu's picture

NIKKEI up almost 1000 after garbage GDP data

Mon, 02/15/2016 - 08:25 | 7187221 NEOSERF
NEOSERF's picture

like the boj has any more tricks in its bag.  I give this move exactly 2 days

Sun, 02/14/2016 - 23:12 | 7186639 battlestargalactica
battlestargalactica's picture

In reaction to criticism from Obama:

“What can he do to me? Or to any of us? We have life tenure and we have it precisely so that we will not be influenced by politics, by threats from anybody.” – Justice Scalia

Mon, 02/15/2016 - 00:23 | 7186802 El Oregonian
El Oregonian's picture

And don't forget he "Died of natural causes" with a pillow found over his head...

I guess that means the pillow was made with 100% Cotton pillowcase sheet, and filled with 100% Down feathers... All natural, you know...

Mon, 02/15/2016 - 02:11 | 7186979 Sudden Debt
Sudden Debt's picture

There was a note stuffed in his throath signed by him, a notary and Obama that he did die of natural causes. So why doubt it?

He died peacefully with a piano wire around his neck in his bed.

Mon, 02/15/2016 - 07:18 | 7187151 Dragon HAwk
Dragon HAwk's picture

Some people put a pillow over their head when they have a migraine or don't feel well.  it doesn't have to mean foul play.. not that i trust our Government or the NWO.

Mon, 02/15/2016 - 07:24 | 7187157 overmedicatedun...
overmedicatedundersexed's picture

Death in Texas..

Agatha Christie wants a tox screen to rule out foul play..

simple tox screen of his blood would be interesting would it not??

no need I am told- just like Marilyn everbody has mg/ml of barbiturates - quite common I am told..

 

Sun, 02/14/2016 - 23:40 | 7186704 scintillator9
scintillator9's picture

This particular sentence was rather telling in this CNN article:

http://www.cnn.com/2016/02/13/politics/supreme-court-justice-antonin-sca...

The U.S. Marshals Service is helping to arrange for his body to be returned to his home in McLean, Virginia, an official told CNN, not to investigate his death.

I wonder who that offishul was? Perhaps this fine offishul: https://www.youtube.com/watch?v=7DG97dAVZns

Mon, 02/15/2016 - 00:08 | 7186765 JoeySandwiches
JoeySandwiches's picture

Scalia's already embalmed apparently. No autopsy, confirmation of death, nothing of the sort.

Fuckin hell.

Mon, 02/15/2016 - 04:05 | 7187052 CC Lemon
CC Lemon's picture

Obama's Last Year:

Year of the Long Knives

Sun, 02/14/2016 - 22:47 | 7186553 Bank_sters
Bank_sters's picture

Japan contracts 2 months out of three and the nikkei rises 4.5 percent?   Batshit crazy will lead to global collapse.  It is on and we know it is here.

Mon, 02/15/2016 - 00:40 | 7186838 Montani Semper ...
Montani Semper Liberi's picture

Nikkei is going bonkers!! +920 and +6.10%. Tell me guys, because I really don't know, who is doing all the buying? Is it the BOJ? perhaps retail investors? I was really surprised by this move tonight (which is why I don't play in stocks) because as I look at the USD/JPY it is still hovering around 113.

Sun, 02/14/2016 - 22:34 | 7186554 Bangin7GramRocks
Bangin7GramRocks's picture

Hot damn! Should add 5-8% to all the world "markets" this week. Hooray for green shoots!

Sun, 02/14/2016 - 22:36 | 7186557 BlueStreet
BlueStreet's picture

This is how an angel dies
Blame it on my own sick pride
Blame it on my ADD baby

Sail, sail
Sail, sail, sail

Maybe I should cry for help
Maybe I should kill myself (myself)
Blame it on my ADD baby

Maybe I'm a different breed
Maybe I'm not listening
So blame it on my ADD baby

Sun, 02/14/2016 - 22:45 | 7186579 Herdee
Herdee's picture

Don't you just love seeing communists trying to run companies and spend taxpayer money.It reminds me of the Soviet Union and the U.S. Government.

Sun, 02/14/2016 - 22:48 | 7186583 Ignorance is bliss
Ignorance is bliss's picture

As long as gold and silver are down. We can trust in TPTB.

/sarc

Sun, 02/14/2016 - 23:01 | 7186615 Aussie Battler
Aussie Battler's picture

Burrish

Sun, 02/14/2016 - 23:03 | 7186620 DirkDiggler11
DirkDiggler11's picture

Seriously, Guns and Ammo are looking to be the trade of the year if not decade. Get Em' while you can ...

Sun, 02/14/2016 - 23:18 | 7186651 Baby Eating Dingo22
Baby Eating Dingo22's picture

bad news is good news again

make things extra fun

May everyone get pancreatic cancer, have their eyes chewed out by rabid rats, and suck in flaming melted rubber mixed with fiberglass though their nostrils for 72 hours 

 

 

Sun, 02/14/2016 - 23:23 | 7186663 TradingIsLifeBrah
TradingIsLifeBrah's picture

Bullish!! S&P 500 will likely open up 60pts unless something good comes out in the meanwhile.

Sun, 02/14/2016 - 23:23 | 7186664 Wait What
Wait What's picture

could be worse... at least "the Chinese Lehman Bros." didn't implode while the Chinese were celebrating the arrival of the year of the monkey. that screams 'green shoots' to Wait What. /s

Sun, 02/14/2016 - 23:37 | 7186695 Mark Mywords
Mark Mywords's picture

Yep. As I said last week - S&P 1900 this week.

Sun, 02/14/2016 - 23:53 | 7186732 Yen Cross
Yen Cross's picture

  WTF with this rampfest in Nasdark CFD's?

   <pathetic, desperations>

Mon, 02/15/2016 - 00:13 | 7186777 dexter_morgan
dexter_morgan's picture

So what countries would be best to emigrate to? 

Mon, 02/15/2016 - 00:30 | 7186821 americhinaman
americhinaman's picture

Who expected professional economics to correctly forecast these numbers?  It is hilarious that ZH will now parrot the Chinese trade numbers as "true and terrible", even though 90% of the time ZH parrots Chinese numbers as "false and unbelievable".  I guess if it fits the sky is falling narrative, then great.

If we think about things more objectively and without our ZH smoke-colored glasses, China imports raw materials and exports processed materials and manufactured goods.  Is is sensible with commodities having crashed YoY that imports in currency terms have crashed and that exports in currency terms have fallen but less so.  Imported ores and crude oil has absolutely crashed, exported refined products are down but less so, and manufactured/tech goods are not down at all.  I would bet if we took the volume of ores/crude imported and volume of goods exported, then trade is still up quite a bit YoY.

Mon, 02/15/2016 - 01:30 | 7186906 sun tzu
sun tzu's picture

I guess none of the analysts took falling raw materials prices into their projections? LMAO!!!

 

I would bet if

Now that's great analysis there. Yep, China must be lying to make things look bad, so they'll have to spend more fx reserves to prop up the yuan. More great analysis. LMAO!!!

 

Governments lie to make things appear better, not worse, you retarded chimp. It's called propaganda and has been practiced since the beginning of civilizations. 

 

BDI has crashed to all-time lows. That means less shit being shipped around. Got it?

Mon, 02/15/2016 - 01:43 | 7186932 Canadian Renegade
Canadian Renegade's picture

If volume of raw materials is up YoY how come the Baltic dry is down so much?

It's not just oversupply of ships.

Mon, 02/15/2016 - 00:52 | 7186846 Element
Element's picture

 

 

The problem for China is that people who've made the mistake of buying Chinese products generally regret it, and wish to avoid buying Chinese products again. Remember the plastic rice episode? That was a clear warning.

It's not just a lack of demand for their products they face now, it's that there's a strong Chinese-created demand in shops for products which are not made in China.

That's now a sales feature.

Mon, 02/15/2016 - 01:27 | 7186910 sun tzu
sun tzu's picture

Where can I find these things not made in China? The only way to stop it is to sue the companies bringing the defective crap over here. 

Mon, 02/15/2016 - 01:53 | 7186934 Element
Element's picture

Thieves are not put off by law suits. They'll just nationalize the factories and mark the products with a "Made in Taiwan", or "Made in South Korea" label, over the old "Made in China" stamp mark, thus wring another few years out of their scamming of global free trade.

Mon, 02/15/2016 - 02:07 | 7186974 FreedomGuy
FreedomGuy's picture

Chinese love western/foreign goods even with the huge tariffs. Those tariffs also may apply to goods made in China for the West.

China believes in free trade much like Muslims believe in tolerance. It is a one-way street.

Mon, 02/15/2016 - 08:50 | 7187273 northern vigor
northern vigor's picture

The Chinese just took our idea of planned absolescence and increased the efficiency...Now the product barely lasts the trip in the shipping container. This improves world GDP immensely, as the factories, logistic companies and Walmarts work overtime replacing our widgets. 

Mon, 02/15/2016 - 01:06 | 7186884 chairman mao
chairman mao's picture

They are importing more shit, just that the value of the commodities have crashed.

If measured by volume not value it's a different story.

Anyway that trade surplus is good, moar money to spend on propping up their currency.

Mon, 02/15/2016 - 01:29 | 7186913 sun tzu
sun tzu's picture

If they are importing and exporting more, then why is the BDI crashing lower and lower? 

Mon, 02/15/2016 - 01:47 | 7186939 ninefourfour
ninefourfour's picture

Because there are more and more ships to move the stuff about, and until that's fixed the BDI will continue to die. Unfortunately for everyone involved ship manufacture doesn't stop on a dime.

And someone has to use all that steel up...

Mon, 02/15/2016 - 01:52 | 7186945 Element
Element's picture

Economic inertia ... its the thing that keeps insolvent uneconomic businesses going well past where they should have shut the doors. Debts have to be serviced, so stuff has to be shipped, so the misallocated economy keeps going when it should have been shut down and BKed to get it restarted with less damage. Instead we're watching an engine without much oil left in it, keep running for another 20 miles, and pretend its still working OK, despite all the bottom-end slop and banging noises.

Mon, 02/15/2016 - 07:52 | 7187179 Tinky
Tinky's picture

Of course this dynamic is currently being compounded like no time in history, as Central Banks step in to help insolvent banks (directly) and companies (through market intervention) feign soundness.

Mon, 02/15/2016 - 10:47 | 7187565 Element
Element's picture

In a financial sense, yes, same since Savings & Loans, in the 1980s, were they were all broke and trading insolvent for about a decade (thank goodness for cocaine and money laundering pulling so many of them through eh?). I was more applying it to the real economy, I'm really only interested in businesses and employers chewed up by it.

Mon, 02/15/2016 - 12:35 | 7188028 Tinky
Tinky's picture

Yes, but today's scale...

Mon, 02/15/2016 - 02:57 | 7187006 sun tzu
sun tzu's picture

So you're claiming the only sector in the world with overproduction and inventory issues is shipping? LMAO!!!

That explains their factories shutting down, rising default rates, crashing stock market, and surging unemployment. Too many cargo ships is causing all that.

Mon, 02/15/2016 - 02:03 | 7186955 Canadian Renegade
Canadian Renegade's picture

Americhinaman and chairman Mao? Is this thread infested with Chinese propagandists or something?

Guess it isn't just the USSA that has paid trolls.....

Mon, 02/15/2016 - 04:45 | 7187084 chairman mao
chairman mao's picture

chill out man

Mon, 02/15/2016 - 01:56 | 7186947 Yen Cross
Yen Cross's picture

  The fucking 10 year UST, is down in price, up over 6.00% in yield. China buying yuan much?

Mon, 02/15/2016 - 10:10 | 7187433 Sorry_about_Dresden
Sorry_about_Dresden's picture

Renminbi made a HUGE move right after 2 a.m. EST, right befor I went to bed. 

Glad I didn't see it then, I would have been up all night.

Moved 1.22%!!!!!

That is huge!!!!!!! Biggest move I have EVER seen.

 

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