China’s March Trade Balance: Trade surplus narrows sharply as imports surge beyond expectations
|China's Trade Balance for March, in Yuan terms, came in at CNY87.98 billion versus CNY516.81 billion last.
The exports in the third month of 2021 surged 20.7% vs. 10.9% last.
Imports jumped by 27.7% vs. -0.2% prior.
In USD terms,
China reported a massive narrowing of the trade surplus, as imports surged more than expected last month.
Trade Balance came in at +13.8B versus +52.05B expected and +78.17 previous.
Exports (YoY): +30.6% vs. +35.5% exp. and +18.1% last.
Imports (YoY): +38.1% vs. +23.3% exp. and +6.5% last.
Additional takeaways
Steady domestic growth has boosted trade.
Believes trade momentum can be sustained.
High comparison base will bring challenges to trade growth in Q2 2021.
FX implications
AUD/USD is testing lows just above 0.7600, unimpressed by the Chinese trade figures.
The spot is down 0.20% on the day.
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