Chart of the Week: Asian demand boosts China exports

China’s exports unexpectedly rose by 14% in annual terms in March, reversing the downward trend of the previous five months and surprising the market, which was expecting a 7% contraction. The positive data were caused by a sharp increase in demand from countries within the Association of Southeast Asian Nations (ASEAN), which is China’s main trading partner, and whose economic area is likely to enjoy the most benefit from China’s reopening. Exports to the United States and the euro area also improved, but this partially reflected the unwinding of export delays dating from the Lunar New Year holiday of January and February this year. Overall, the improvement in exports is therefore unlikely to be sustainable going forward, especially given global economic headwinds in advanced economies. Nevertheless, it should provide a positive boost to Chinese Q1 GDP numbers, which are due to be released this week.

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