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Exports and imports register higher increases than expected in March

China’s trade balance for March, in yuan terms, was CNY 87.98 billion compared to CNY 516.81 billion last year.

The exports in the third month of 2021 increased by 20.7% monthly compared to the previous 10.9%.

The imports increased 27.7% versus -0.2% previously.

On annual terms, the exports grew 30.6% compared to the + 35.5% expected and the + 18.1% seen in February. This is the highest rise recorded by the indicator since March 2018.

The YoY imports increased 38.1% versus the + 23.3% expected. and the previous + 6.5%. This is the highest growth seen since March 2017.

Steady domestic growth in China has reportedly boosted trade and there is a conviction that trade momentum can be sustained.

The high base of comparison will bring challenges for trade growth in the second quarter of 2021.

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