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China Trade (Apr.)

China’s export volumes partially reversed March’s jump last month. Shipments of most consumer goods declined due to weak global demand except for those of electric vehicles. Given the gloomy outlook for external demand, we think exports will decline further before bottoming out later this year. Import volumes unexpectedly dropped to its lowest in 12 months, but we still think reopening rebound in domestic demand will drive a pick-up in imports over the coming months.

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