Link Securities| According to data from the General Bureau of Customs, China’s trade surplus rose to $104.84 billion in December from $75.31 billion in the same month a year earlier, also beating analysts’ consensus forecast of a $99.8 billion surplus. The figure is the largest since February, driven by a rebound in exports. In particular, exports rose 10.7% year-on-year, beating estimates for a 7.3% increase and accelerating from November’s 6.7% rise, as manufacturers brought forward their orders in anticipation of the implementation of new tariffs by the new US government.
Meanwhile, imports unexpectedly rose by 1.0% year-on-year in December, after falling by 3.9% in November, and beating forecasts for a 1.5% decline, as factory managers hurriedly secured technology products in anticipation of tighter US export controls. Thus, the trade surplus with the US narrowed to $33.5 billion in December from $34.9 billion in November.
