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China’s Trade Balance for January and February, in Yuan terms, came in at CNY675.86 billion versus CNY369.73 billion expected and CNY516.81 billion last.
The exports in the first two months of 2021 surged by a whopping 50.1% vs.11.2% expectations and 10.9% last.
Imports arrived at 14.5% vs.-2% market forecasts and -0.2% prior.
In USD terms,
China reported a widening trade surplus, as imports and exports both bettered the consensus forecasts.
Trade Balance came in at +103.25B versus +60B expected and +78.17B previous.
Exports (YoY): +60.6% vs. +38.9% exp. and +18.1% last.
Imports (YoY): +22.2% vs. +15% exp. and +6.5% last.
Additional takeaways
“Chinese authorities combine trade data for the first two months to compensate for fluctuations due to the Lunar New Year holiday, which falls at different times each year in January or February.”
“Forecasters say the Chinese export surge should decelerate as demand for masks and other medical supplies eases and overseas competitors return to global markets.”
“Trade officials have warned that the global situation still is “grave and complex.”