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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.
This article was originally published by Forexlive.com. Read the original article here.