Trade balance data from China for April 2024
April dollar-denominated exports +1.5 % y/y (in yuan terms +5.1% y/y)
- Reuters poll showed +1.5% expected
- prior -7.5%
April dollar-denominated imports +8.4 % y/y (in yuan terms +12.2%)
- Reuters poll +4.8 %
- prior -1.9%
April USD denominated trade balance is a surplus of 72.35bn
- expected 76.7bn, prior 58.55bn
The YTD, ie January - April numbers:
- Dollar-denominated exports +1.5% y/y
- Dollar-denominated imports +3.2% y/y
- Trade balance +$255.66 bln
***
Slightly better than expected data on trade points to some recovery for China's economy. The jump for imports will be read as indicative of improving domestic demand, while that for exports improving overseas demand. The data is not of blockbuster proportions, but are encouraging.
Offshore yuan, CNH, caught a bit of a bid on the better data.
