China’s March trade surplus revised slightly higher to $32.67 billion in dollar terms

The initial release had it pinned for a surplus of $32.64 billion

  • Dollar-denominated exports +14.2% y/y
  • Dollar-denominated imports -7.6% y/y


The initial report two weeks back can be found here. The details on the exports and imports are unchanged so there isn’t much to really take note of in the revision. This just continues to highlight some leftover strength in the external environment but a further slowdown in domestic demand.

On balance, it’s not exactly a good thing that China’s domestic demand is waning further; especially for its major trading partners such as Australia and New Zealand. However, as mentioned above, at least exports are proving to be the saviour for the time being.

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