Latest trade data from China showed that total trade between US and China shrank -15.4% in Q1, comparing with last year, as result of trade war. In particular, imports from US dropped a massive -31.8% yoy in the quarter. On the other hand, imports from Canada jumped 25.9% yoy and imports from Brazil surged 23.8% yoy. Overall trade growth with EU remained healthy.
China trade surplus widened to USD 32.6B in March, well above expectation of USD 8.1B. Exports jumped 14.2% yoy in USD 198.7B, well above expectation of 7.7% yoy. Imports, however, dropped -7.6% yoy to USD 166.0B, much weaker than expectation of -0.1% yoy. Cumulative from January to March, expects rose 1.4% yoy to USD 551.8B. Imports dropped -4.8% yoy USD 475.4B. Trade surplus was at USD 76.3B.
From January to March cumulative, in USD term, with EU:
- Total trade rose 5.9% yoy to USD 162.6B
- Exports to EU rose 8.8% yoy to USD 97.8B.
- Imports from EU rose 1.8% yoy to USD 64.8B.
- Trade surplus was at USD 33.0B.
With US:
- Total trade dropped -15.4% to USD 119.6B.
- Exports to US dropped -8.5% to USD 91.1B.
- Imports from USD dropped -31.8% to USD 28.5B.
- Trade surplus was at USD 62.6B
With AU
- Total trade rose 5.7% to USD 37.9B.
- Exports to AU rose 9.7% to USD 11.0B.
- Imports from AU rose 4.1% to USD 26.9B.
- Trade deficit was at USD 15.9.
