China trade balance: Imports, exports pick up in March

China March trade balance came at 194.6bn CNY vs expected 203.65bn and prior of 209.50b, with exports up 18.7% y/y (in yuan terms) vs +14.9% y/y expected and prior of -20.6%, while imports were down 1.7% y/y (in yuan terms) vs -4.8% y/y expected and -8.0% last.

A break down in imports data shows March oil products imports was down by 1.9% y/y, Jan-Mar crude oil imports +13.4 pct y/y, Jan-Mar iron ore imports +6.5 pct y/y, Jan-Mar copper imports +30.1 pct y/y, while Jan-Mar coal imports -1.2 pct y/y, according to customs data.

According to Chinese customs, "foreign trade still faces relatively big difficulties", adding that "exports likely to gradually stabilise in Q2."