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Betty Wang, senior China economist at ANZ, notes that the China’s exports growth retreated in April, led by declining exports to the US.

Key Quotes

“China’s exports to the US contracted 13.1% y/y in April after a brief growth in March, contributing more than 80% of the decline in headline exports. While this is hardly due to the renewed China-US trade tension, which only intensified this week, the chance of a near-term recovery has become less likely.”

“The y/y rebound in April’s imports, however, ends the four-month decline, thanks to the rise in some major commodity imports and higher commodity prices.”

“The renewed uncertainty in the China-US trade negotiations may cloud China’s export outlook in H2.”