China January - April yuan denominated exports +7.5% y/y

  • Chinese trade data dribbling in, exports numbers not as bad as was feared if the data is correct

China January - April yuan-denominated exports +7.5% y/y, imports -4.2% y/y

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For April alone, yuan-denominated

  • exports +9.3% (prior +13.5%) ... this is a good result given the tariff impact, if the data is correct
  • imports +0.8% y/y (prior -3.5%)

Jan–Apr dollar-denominated exports +6.4% y/y

  • Jan–Apr dollar-denominated imports -5.2% y/y-customs
  • Jan–Apr trade balance $ +368.76 bln
  • Jan - April trade surplus with the US is $97.07bn

April figures, in US dollar terms:

  • exports +8.1% y/y
  • imports -0.2% y/y
  • trade balance is a surplus of 96.18bn USD
  • trade surplus with the US is 20.46bn USD

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