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China’s Trade Balance: Exports decline sharply in March

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China's Trade Balance for March, in Chinese Yuan terms, came in at CNY415.86 billion, widening from the previous figure of CNY281.97 billion.

Exports fell 3.8% YoY in March vs. 10.6% seen in February. The country’s imports rose 2% YoY in the same period vs. -3.9% registered previously.

In US Dollar terms, China’s trade surplus shrank in March.

Trade Balance came in at +58.55B versus +70.20B expected and +125.16B previous.

Exports (YoY): -7.5% vs.-3.0% expected and 7.1% previous.

Imports (YoY): -1.9% vs. 1.2% expected and 3.5% last.

Additional takeaways

China Jan-March USD-denominated exports +1.5% YoY.

China Jan-March USD-denominated Imports +1.5% YoY.

China Jan-March USD-denominated trade balance 183.66 billion.

China March trade surplus with the United States $22.94 billion.

China Jan-March trade surplus with the United States $70.22 billion.

FX implications

AUD/USD is holding the recent losses on mixed China’s trade figures. The pair is down 0.32% on the day, trading at 0.6514, at the time of writing.

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