China: Weaker trade numbers - TDS

China trade data revealed much weaker exports than expected, down 2.7% y/y, while imports were stronger than expected at 14.4% y/y, notes the research team at TDS.

Key Quotes

“The net result was that the trade balance in March actually registered a deficit of $-4.98bn compared to $27.5bn consensus. Back of the envelope calculations suggest that seasonality played a role in the weaker trade number. March is historically a poor month with negative seasonals. Nonetheless, the data is even weaker than seasonal factors would suggest. The bilateral US/China deficit in March narrowed to $15.43bn, the smallest monthly deficit since Feb 17.”