- China's exports accelerated to +10.6% on year in January from +4.3% in December and slayed consensus for a rise of just 2%.
- Imports increased 10% vs +8.3% and +3%.
- The trade surplus grew to $31.86B from $25.6B and vs forecasts for a drop to $23.65B.
- However, analysts are skeptical: they had expected that the long Lunar New Year holiday would drag on trade last month, whilst other economic data has been disappointing. They warned that the trade figures, as in the past, could have been boosted by fake transactions by traders looking to avoid capital controls and bring cash into China.
- "We find this strong level of export growth puzzling," says Nomura economist Zhang Zhiwei. "It is unclear to what extent the strong export data reflects the true strength in the economy." (PR)
- The Shanghai Composite is +0.3%.
- ETFs: FXI, PGJ, GXC, FXP, CYB, YINN, HAO, CNY, TAO, ASHR, CHIQ, CHIX, KWEB, DSUM, YANG, MCHI, CQQQ, PEK, QQQC, XPP, YAO, CHXX, FXCH, CHII, CHXF, YXI, ECNS, CHIE, CHIM, KFYP, FCA, CHLC, TCHI, CHNA
Chinese exports blow past forecasts but raise doubts
Feb 12 2014, 02:55 ET