- Chinese exports increased 0.9% on year in April after falling 6.6% in March and beat consensus for a drop of 1.7%.
- Imports +0.8% vs -11.3% and -2.3%.
- The trade surplus more than doubled to $18.45B from $7.71B and topped forecasts of $13.90B.
- Exports breakdown: U.S. +4.1%, EU +7.8%, Southeast Asia +5.9%, Taiwan -9.7%, Hong Kong -31.3 (due to problematic invoicing last year).
- The readings follow other data which indicate that China's economy has been slowing and come after a 2.8% fall in the yuan vs the dollar this year.
- The strong growth "will create pressure for China to reverse the recent yuan depreciation," says Citigroup economist Ding Shuang.
- "The external demand side is not such a big problem for China now, because the genuine recovery is there," says Wei Yao, the China economist at Societe Generale. "This is actually offering some support to China's growth."
- The Shanghai Composite is +0.4%.
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