China Trade (Jan. & Feb.)

Export and import growth surged in y/y terms in January and February. Even accounting for favourable base effects, shipments look strong. Exports continued to be buoyed by stuck-at-home foreign consumers. And travel restrictions during the Chinese New Year holiday meant that many factories stayed open. Meanwhile, stockpiling of semiconductors and still resilient domestic demand kept imports ticking up. We think trade will remain resilient in the near-term but will soften later this year. Webinar Invite: The Asia Outlook – Will Outperformance Continue When the Pandemic Recedes? 11^th March, 2021 Join Chief Asia Economist Mark Williams and senior economists from across our Asia services to discuss how the region is likely to perform this year as the global economy moves towards recovery from the pandemic. Discussion will include Chinese policy tightening, the outlook for tech exporters, and the risks to Indian banks. Register here.