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%


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.