China’s Exports Beats Estimates in Jan-Feb but Data Show Slowdowns

Source: National Bureau of Statistics

China’s exports in the January to February period increased by 16.3%, beating estimates of a 15.0% rise. The exports were below a gain of 20.9% in December. CSI 300 is down -3.19%, USDCNY is up +0.02%.

• China’s imports rose by 15.5% in the first two months of the year, below a gain of 19.5% in December, missing the expected 16.5% increase.
• The slowdown in China’s exports has been linked to the base effects, with the Russian invasion of Ukraine rising global uncertainty. China’s exports to Russia rose by 41.5%, while imports increased by 35.8%.
• Louis Kuijs, Asia Pacific chief economist at S&P Global Ratings, says China’s trade data will be well received as exports remain high while imports are continuing.  He says the economy should be able to grow amid the escalating external shocks, although the exports will be affected.
• China releases combined trade data for January and February months to smooth distortions creased by the Lunar New Year.