China’s export data turns positive for March

HONG KONG – China’s export data for March was solid even after eliminating the base effect, with exports in RMB terms growing by 18.7% y/y, up from a 20.6% contraction in February and beating market expectations of a 14.9% gain. ANZ economists say this is consistent with a better-than-expected PMI in March.
“However, the figure still needs to be interpreted with caution as the distortions in February and March often cause wild swings in export growth figures,” ANZ says. “In Q1 as a whole, exports declined 4.2% y/y.”