China: Trade surplus lower at $20.34b - TDS

China’s trade surplus was lower at $20.34b (mkt $54.65b) from ($54.69b) due to a massive jump in imports (+30.2% vs +5.3% market, supportive for risk and commodities) and slightly weaker exports (6% vs prior 7.4%), notes the research team at TDS.

Key Quotes

“Some of the import jump is from base effects, since last year's Chinese New Year holiday was in late Jan, so it could be distorted a tad to the upside, but overall, it is a good trend.”