China’s March exports rebound to five-month maximum

China’s March exports rebound to five-month maximum

In March, China's exports managed to rebound, although imports decreased for the fourth month in a row and at a steeper tempo, painting rather a mixed picture of the Chinese economy because trade negotiations with America reach their endgame.

Market participants are hoping for more signs of economic recovery in China to soothe fears about decelerating global surge, after this week the IMF had its 2019 world outlook downgraded for the third time.

However, veteran China watchers had told that export gains might occur because of seasonal factors than any unexpected turnaround in lackluster global demand because shipments were anticipated to head north after long holidays in February.

From 2018, March exports went up by 14.2%, as customs data revealed on Friday, which appears to be the strongest surge for five months. Marker experts had expected a 7.3% jump after February's 20.8% tumble.

However, China's imports headed south more than anticipated, suggesting its domestic demand is still poor. As for imports, they decreased by 7.6% from 2018, which is worse than experts’ estimates for a 1.3% dive and extending from February's 5.2% tumble.

It left China with a trade surplus of $32.64 billion for the month that appears to be greater than estimates of $7.05 billion.

Exports went up by 1.4% from 2018 in the first quarter, while imports decreased by 4.8%.

As follows from China factory surveys for the previous month, demand was actually improving abroad and at home, dropping a hint that government stimulus measures might be starting to take hold.

While export orders were still sluggish, there were indications that a long spell of contraction was receding even as trade negotiations with America were demonstrating progress.

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Market updates on August 15

The risk sentiment remains under pressure after the comments by China about the countermeasures against the US tariffs. Thus, the AUD/USD and the USD/JPY pairs will be under our attention.

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