Why do we even call it a trade balance? Its a trade surplus .... this time for November In CNY terms (we'll get the USD terms soon) +343.1 bn • expected 407.5bn • prior was 392.2bn Exports -3.7% y/y • expected -2.9% • prior was -3.6% Imports -5.6% y/y • expected -11.3% • prior was -16.0% Exports down again, not a good sign for the economy Imports down again, but a beat on expectations, ... not as bad as expected (full story)