China's Trade Balance for April, in Yuan terms, came in at CNY276.5 billion versus CNY87.98 billion last.
The exports in the fourth month of 2021 surged 22.2% vs. 30.7% expected and 20.7% last.
Imports jumped by 32.2% vs. 12.6% expected and 27.7% prior.
In USD terms,
China reported a massive increase in the trade surplus, as imports and exports both surged above forecasts.
Trade Balance came in at +42.85B versus +28.10B expected and +13.80 previous.
Exports (YoY): +32.3% vs. +24.1% exp. and +30.6% last.
Imports (YoY): +43.1% vs. +42.5% exp. and +38.1% last.
Additional takeaways
China Jan-April exports to the US +49.3% in yuan terms.
China Jan-April imports from the US +53.3% in yuan terms.
China Jan-April trade surplus with the US at 653.89B yuan.
FX implications
AUD/USD shrugs off upbeat Chinese trade figures, now trading at daily lows of 0.7774, down 0.05% on the day.
The spot failed to hold the RBA’s Monetary Policy Statement and stronger Chinese Caixin Services PMI-led gains to five-day highs of 0.7792.
