Overview
- Customs data for January–February show exports up 21.8% year over year and imports up 19.8%, beating Bloomberg-surveyed forecasts by a wide margin.
- Exports to the United States fell 11% to $67.24 billion, while shipments to the European Union rose 27.8% and to ASEAN countries 29.2%.
- Analysts attribute the rebound largely to sustained global appetite for technology goods, including semiconductors.
- China bought about 16% more crude oil as conflict in the Middle East pushed prices higher and disrupted traffic through the Strait of Hormuz.
- Stronger external demand reduces near-term urgency for new stimulus, while trading partners warn about the large surplus and Commerce Minister Wang Wentao calls for better balance between exports and imports.