Data was released over the weekend for China trade balance's last month
A surplus of 401.75bn yuan
- easily beating the expected CNY 320.4bn, prior was CNY 257.68bn
Exports +7.6% y/y vs.
- expected 6.5%, prior was 11.6%
Imports +0.9% y/y
- expected +6.3%, prior was +11.6%
USD terms
China trade balance: 58.44bn vs.
- expected $46.30bn, prior was $37bn
Exports +11.4%
- expected 9.2%, prior 9.9%
Imports +4.7%
- expected 8.6%, prior was 13.2%
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The export growth is the best for China since before the pandemic. Import growth was slower but comes after a stock-piling-driven surge the previous month (tech imports up as sanctions may restrict supply ahead).
Media sources note that China's trade surplus in the month is around 50% higher than when the current US administration took office in 2017. After all the drama and big promises the admin has taken it backwards.
