China trade data: January- February yuan denominated exports +10.3% y/y

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February trade data from China is skewed by the New Year break. YTD figures, i.e. for January and February combined, are a better guide given the moveable holiday period each year.

USD denominated numbers for the January – February months:

  • Imports +3.5% (expected +1.5%
  • exports +7.1% (expected +1.9%)
  • trade balance 125.2bn USD (expected +103.7 bn USD)

Better than expected figures for both imports and exports are a welcome result.

Yuan denominated:

  • imports +10.3% y/y
  • exports +10.3% y/y
  • trade balance 890.87bn surplus

Chinese equities are showing minor gains:

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