China’s Exports Rose Unexpectedly in April 2020

In April 2020, China’s exports unexpectedly rose by 3.5% y/y, while imports dropped by 14.2% y/y, according to the data published by the General Administration of Customs. With the exports worth USD 200.28bn and imports - USD 154.94bn, China recorded a trade surplus of USD 45.3bn, more than two times larger compared to the surplus in April 2019.

The rise in April exports can be attributed mainly to the robust demand from Japan, Taiwan and South Korea due to the increased regional semiconductor trade supported by the rising demand of work-from-home around the world. Exports to these regions rose by 33% y/y, 21% y/y and 8.4% y/y, respectively.

The April imports decreased by 14.2% y/y, more than expected and partly reflecting the strong price effect of falling commodity prices due to the worsening global economic outlook caused by COVID-19. 

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