Strong exports due to front-loading activities Exports grew 21.4%YoY, higher than the consensus of 11.7% but in line with our 23.0% forecast. We believe that the cause of such strong growth is exporters' concern that the 10% tariffs on $200 billion of exported goods to the US will rise to 25% on 1st Jan 2019, so they front-loaded export activities. Front-loading can't last long Front-loading export activities should continue in November and December. So export growth data will continue to be stronger than in previous holiday seasons. As we expect President Xi's meeting with Presdient Trump at the end of November will ... (full story)