China's trade number might underlay the damage

--China reported 2.8% YoY drop in exports in December. This underplayes or lags the damage --Eports from South Korea and Taiwan, rd and 4th biggest exporters to China last year, dropped by 17% and 42% respectively. Many of these shipmetns contain parts which China processes or assembles and then ships to the rest of the world --Morgan Stanley forecasted the Chinese expoert contraction is about 10% --Exports account for about 1/3 of China economic output, although measured by valued-added it is closer to 10th.