China: Stronger trade data - TDS

TD Securities analysts note that China’s March trade data revealed that exports were stronger than expected, up 14.2% y/y (consensus 6.5% y/y), while imports fell more than expected, down 7.6% y/y (consensus 0.2% y/y).

Key Quotes

“The trade balance was stronger than expected at $32.64bn (consensus $5.7bn). Exports were helped by the timing of Lunar New Year holidays and higher prices.”

“The country breakdown revealed that the surplus with the US increased to $328.7bn over the 12 months to March, close to the record high reached in Jan 19. The data will do nothing to help China’s case in trade talks with the US.”