China January – April yuan denominated exports +7.5% y/y

China January – April yuan-denominated exports +7.5% y/y, imports -4.2% y/y

**

For April alone, yuan-denominated

• exports +9.3% (prior +13.5%) … this is a good result given the tariff impact, if the data is correct
• imports +0.8% y/y (prior -3.5%)

Jan–Apr dollar-denominated exports +6.4% y/y

• Jan–Apr dollar-denominated imports -5.2% y/y-customs
• Jan–Apr trade balance $ +368.76 bln
• Jan – April trade surplus with the US is $97.07bn

April figures, in US dollar terms:

• exports +8.1% y/y
• imports -0.2% y/y
• trade balance is a surplus of 96.18bn USD
• trade surplus with the US is 20.46bn USD

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