China's Trade Balance for April, in Yuan terms, came in at CNY325.08 billion versus CNY441.88 expected and CNY300.58 billion last.
The exports rose by 1.9% last month vs. 16.4% expected and 12.9% previous.
Imports decreased by 2.0% vs. -2.9% expected and -1.7% prior.
In USD terms,
China reported a bigger-than-expected growth in the trade surplus, as imports and exports outpaced expectations.
Trade Balance came in at +51.12B versus +50.65B expected and +47.38B previous.
Exports (YoY): 3.9% vs. +3.2% exp. and +14.7% prior.
Imports (YoY): 0% vs. -3.0% exp. and -0.1% last.
Additional takeaways
China Jan-April yuan-denominated exports +10.3% YoY.
China Jan-April yuan-denominated imports +5.0% YoY.
China Jan-April trade balance $+212.93 bln.
China Jan-Apr dollar-denominated exports +12.5% y/y, imports +7.1% YoY.
China April trade surplus with the US $32.2 bln vs $32.1 bln surplus in March.
FX implications
AUD/USD remains unperturbed by the mixed Chinese trade figures, keeping its downside momentum intact just above 0.7000. The spot is down roughly 1% on the day.
