Pantheon wraps the China trade data.
- China: Exports fell 6.8% y/y ytd in February. Consensus was -9.0%.
- China: Imports dropped 10.2% y/y ytd in February. Consensus was -5.5%.
- China: Trade balance was $116.9B ytd in February. Consensus was $82.5B.
China’s exports extended their fall in the first two months of the year, falling 6.8% y/y, after dropping 10.1% in December. The slowing pace of decline lines up with the surprisingly strong manufacturing PMI new export orders for February, suggesting a month-to-month improvement. We think this is largely an indication of China reopening faster than expected after the removal of zero-Covid policies.
