China trade balance came below market forecasts - TDS

Research Team at TDS, notes that the headline China’s trade balance at US$30b was below market forecasts for US$35b, but it was for the right reasons.

Key Quotes

“Both imports and exports were better than market forecasts (Exports +11.5%/yr vs +10% f/c and imports –7.6%/yr vs –10.1% f/c). While a bounce was expected following the Feb holidays and on base effects, the beat on exports suggest the global economy is not slowing as fast as many were predicting while the greater improvement in imports suggest internal demand is firm. In annual terms, coal imports were up 15%, iron ore 6%, copper 3%, crude +21%.”