China: Exports rebound in April
In April, exports expanded 3.5% over the same month in the previous year, contrasting the 6.6% drop in March. The print also contrasted the 15.7% drop that market analysts had expected.
Meanwhile, imports plummeted 14.2% in annual terms in April. The print followed the 1.0% contraction in March and exceeded the 11.2% drop that market analysts had projected.
As a result of the sharp drop in imports, the trade surplus jumped from USD 13.0 billion in April 2019 to USD 45.3 billion in April 2020 (March 2020: USD 19.9 billion surplus). The 12-month moving sum of the trade surplus rose from USD 362 billion in March to USD 394 billion in April.
The unexpected rebound in exports mostly reflected surging shipments of medical goods as the country is becoming the global hub for healthcare equipment in the wake of the Covid-19 outbreak. China’s electronic exports also fared well in April due to increased demand of electronic appliances, including computers, monitors and home console.