China March trade balance ¥300.6 billion vs ¥445.3 billion expected

• Prior ¥738.8 billion

• Exports +12.9% vs +18.2% expected
• Prior +13.6%
• Imports -1.7% vs +11.4% expected
• Prior +12.9%

The above are in Chinese yuan terms, with exports keeping up but imports seemingly underwhelming. Trade data has been a little tricky to read since the pandemic but in general, they are reflecting a recovering trend globally. But supply chain issues and the now geopolitical events between Russia and Ukraine will only serve to complicate that further, even for China.

Update (0445 GMT): The dollar-denominated terms are also released now, as per the following:

• Trade balance $47.4 billion
• Prior $115.6 billion
• Exports +14.7% y/y
• Prior +16.3%
• Imports -0.1% y/y
• Prior +15.5%

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