Analysts at TD Securities are expecting China’s imports to decline 5.3% y/y (mkt -6.5% y/y) in August and exports to increase 5.7% (mkt 2.0% y/y).

• “Overall trade conditions remain poor in the wake of tariffs intensification, though the latest increase in US tariffs will likely show up more in later months data. Weak Korean imports of Chinese goods and ongoing contraction in new export orders suggests that exports growth will remain unimpressive.
• Similarly, the drop in China’s PMI import orders component in August to its lowest level this year highlights ongoing downward pressure on imports, which in turn reflects slowing Chinese domestic growth momentum.”