MNI DATA IMPACT: China April Exports Beat Expectations

     BEIJING (MNI) - China's exports staged a surprise rebound in April, rising

3.5% y/y while imports, impacted by the weaker yuan and a plunge in commodity

prices, dropped quickly, according to data from the Customs administration

released on Thursday.

     Here are some key points in the data:

     - Exports rose for the first time this year, by 3.5% y/y to $200.28 billion

in April, beating market expectations of a big drop and recovering from last

month's 6.6% y/y fall. Over the first four months exports declined 9.0% y/y -

slower than the previous 13.3% y/y slump.

     - The better-than-expected export result was driven by growing demand from

ASEAN countries, which was up 3.9% y/y. Meanwhile, textile exports - a category

including facial masks - recorded the biggest increase.  

     - Exports to the U.S. dropped 15.9% y/y and exports to the European Union

fell 6.6% y/y in Jan-Apr period. Exports to Japan, the fourth biggest trading

partner, fell 2.2% in the first four months.   

     - Imports fell 14.2% y/y to $154.94 billion over the same period,

accelerating from last month's 0.9% y/y fall. Imports decreased 5.9% y/y in

Jan-Apr period, faster than the -2.9% y/y reported in March.

     - Weak imports and a depreciated yuan, as well as lower commodity prices,

are still dragging the imports lower. 

     - Imports from the ASEAN countries marked the only rise out of five

international markets, up by 8.0% y/y. Imports from the EU, US and Japan were

down 6.4% y/y, 3.0% y/y and 2.0% y/y, respectively.

     - The trade surplus increased to $45.34 billion, more than twice the $19.9

billion recorded in March, bringing the total balance to $58.2 billion for the

Jan-Apr period. 

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

--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com

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