Well, China reported a surprise trade deficit of $4.98 billion for March overnight, the first since February 2017. That’s against forecasts for a surplus of $27.5 billion. Exports fell 2.7% y/y, while imports rose 14.4%.
I guess it’s time for Xi to make some red trucker hats – #Make China Great Again!
There’s obviously some seasonality here, but this is still notable – especially in light of trade tensions and questions about the viability of the “synchronous global growth” narrative: