China reports higher exports in dollar terms, but imports still negative

Posted 14 February, 2019

China recorded a jump in imports and exports supplies in January expecting the Lunar New Year and further progress in trade take with Washington.

The available data released by China's General Administration of Customs show that exports from China soar by 9.1% over the period under review. At the same time, the volumes dropped by 4.4% last December. As for the imports, shipments decreased at slower pace reaching 1.5% compared to 7.6% decline a month before.

It was generally expected that the volumes might lose 3.2% and 10% respectively.

The external surplus reportedly dipped to $39.16 billion ($57.06 billion in December). However, the figure was 2-fold above year-on-year. For reference, the rate was at $18.42 billion in January 2018.

China's trade balance surplus in terms of the USA decreased further to $27.3 billion ($29.87 billion in December) which can be explained by generally weaker China-US trading.
The yuan-based exports figures improved from 0.2% to 13.9% y-o-y, with imports ones that reversed and added 2.9% after a 3.1% decrease. The market consensus suggested yuan exports to rise by 3.8% with imports to drop by 1.9%.

The external surplus in the yuan terms dwindled by some CNY 395 billion to CNY 271.16 billion.

As the statistics shows, exports to the USA dropped by 2.4% to $36.54 billion over the period under review, whereas imports from the US plunged by 41.2% to $9.24 billion.

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