China Makes Record Export Data Downgrade to Surprise Numbers
- March number slashed by $10.6 billion in belated revision
- Changes mean a more favorable base of comparison for trade
China this week reported a worse-than-expected decline of 14.5% in July exports.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China made the biggest downgrade on record to the value of a monthly export figure, a move that could paint a more flattering picture of trade data in months to come amid weak global demand.
The customs authority slashed $10.6 billion from the March data, when exports surprisingly jumped, as it reduced the overall value of exports for 2022 and early this year. The adjustment creates a lower base of comparison for year-on-year changes, resulting in more favorable growth rates for troubled exports.