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Nice chart of China's monthly goods export to the US & to everyone else - overall Chinese exports holding up due to transshipment to US & discounting to other final destinations.
Jul 21, 03:33
China is in a tough spot. It's exports to the US are down -24% q/q in Jun '25. Exporters have only 2 options: (i) transship to the US; (ii) export goods to other countries at a discount to generate demand. Either way, a big hit to profitability and a deflationary shock for China.
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