Export channels offer little opportunity as China attempts to recover.
China’s economy showed some limited signs of recovery in March, as industrial production partially recovered from the record fall in February. However, early indicators for April suggest that this momentum was not continued. As we noted last month, the increase in industrial supply could struggle to find adequate demand – with consumers in China cautious during the early recovery period from the COVID-19 shutdown, while export markets are constrained by their own measures to limit the COVID-19 spread.
For further details, please see the China Economic Update – May 2020
Consumer stress is rising again with Australians wary about the outlook for the year ahead. Household pressures are set to ease but until then the mantra for many consumers appears to be, “Show me the money”!
Report
Total spending went up 0.6% m/m. Overall, total consumer spending increased 1.9% in 3-month average terms and 6.5% over the past 12 months.
Report
© National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
