China April trade data. Yuan terms Exports +1.9% y/y & Imports -2% y/y.

In yuan terms:

April exports +1.9% y/y (expected +3.1%) while Imports -2% y/y (expected -3.3%)

• vs. exports in March were +12.9% and imports -1.7%

USD terms

• China trade balance: +51.12bn USD vs. expected 50.65bn, prior was CNY 47.38bn
• Exports +3.9% y/y: expected 3.2%, prior was 14.7%
• Imports 0.0% y/y: expected -3.0%, prior was -0.1%

Exports are well down on March - I previewed the data earlier outlining why expectations were low (COVID-19 Covid-19 Covid-19 or the novel Coronavirus is a pandemic that has yielded wide ranging economic turmoil and volatility across financial markets in 2020. The first cases of Covid-19 were reported in Wuhan, China in late 2019. Since then, the virus has expanded globally, infecting millions worldwide. The virus has been extremely controversial, namely in the United States, which became heavily politicized during the 2020 presidential election. The Covid-19 pandemic is completely unprecedented in modern ti Covid-19 or the novel Coronavirus is a pandemic that has yielded wide ranging economic turmoil and volatility across financial markets in 2020. The first cases of Covid-19 were reported in Wuhan, China in late 2019. Since then, the virus has expanded globally, infecting millions worldwide. The virus has been extremely controversial, namely in the United States, which became heavily politicized during the 2020 presidential election. The Covid-19 pandemic is completely unprecedented in modern ti Read this Term & associated restrictions of course)

• China trade data due today - preview (exports expected to take a hit due to COVID-19)