MNI 5 THINGS: China January Exports Sizzle as Surplus Shrinks

     BEIJING (MNI) - China's imports and exports unexpectedly rebounded in

January. Below are highlights from the data released on Thursday by the customs

agency:

     - Exports rose 9.1% y/y to USD217.57 billion, beating the median of -2.0%

forecast in an MNI survey. It followed a 4.4% drop in December. Some analysts

suggested that the impact was due to the Chinese New Year holiday being 10 days

earlier than last year,  which led to exporters shifting February's shipments

into January.  

     - Imports were down -1.5% y/y compared with last month's -7.6% y/y,

exceeding -10.5% projected by the MNI survey. Imports remained lackluster

relative to the more robust exports, largely due to the Sino-US trade war, but

also weakened demand for crude oil and soybeans. Imports saw 36.9% y/y gain in

January 2018. 

     - The smaller imports helped narrow trade surplus to USD39.16 billion from

USD57.06 billion in December, the smallest in three months. It still beat MNI's

survey media of $32.5 billion.

- Exports to the U.S. fell 2.8% y/y to USD36.54 billion. Imports fell the most

ever, by 41.1% y/y to USD9.24 billion. China's surplus narrowed to USD27.30

billion, the least in eight months, from $29.87 billion in December. 

     - Exports to the EU and Japan rebounded to 14.5% y/y and 5.6% y/y, while

imports were 8.5% y/y and -1.2% y/y respectively.

--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: flora.guo@marketnews.com

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com

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