China April exports +8.2% y/y in yuan terms vs -14.1% consensus
China April $45.34 bn vs $8.68 bn consensuses.
China trade data suggests industrial activity is coming alive in China at a much better rate than expected. And by proxy, this can be viewed favorably when extrapolated across Asian and global economies that are emerging from lockdown implying there is strong economic life post COVID-19
China’s exports in April beat expectations, driving the trade surplus wider to $45.34 bn (cons. $8.68bn, last: $19.93 bn). Import data is pending in USD terms, but declined a smaller-than-expected 10.2% y/y in CNY terms (cons. -12.2%). is pushing lower towards 7.11 and closing the gap with today’s fix (7.0931) on the larger-than-expected trade surplus. is rallying in sympathy.
Australian Trade Data
Good news, “down under.” The Australia March goods and services trade balance AUD10,602 mn surplus vs. AUD6,800 mn consensus as March exports…