China: Larger than expected trade surplus - TDS

Analysts at TDS note that China’s Feb trade surplus was much larger than expected, at USD 33.74bn (consensus USD-5.7bn) as exports rose 44.5% in USD terms, while imports rose 6.3% y/y.

Key Quotes

“The timing of Chinese new-year holiday likely distorted the outcome, making it more difficult to interpret. Trade with the US continued to grow, rising to USD 289bn on a 12m sum, the highest on record, an outcome that will do little to reduce tensions with the US. The data left USDCNH largely unperturbed.”