Bankinter| The Trade Balance shows an increase in the surplus in March to $102.64 billion from $31.72 billion previously and $75.15 billion estimated. This evolution is due to the acceleration of Exports (up 12.4% from -3.0% previously and +4.6% estimated) and the contraction of Imports (down 4.3% from +1.5% previously and -2.1% previously).
Analysis team opinion: More solid data than estimated. However, it is a one-off improvement. Uncertainty over the imposition of tariffs by the US has triggered a movement of stockpiling by China’s main trading partners. As a result, Exports are gaining momentum while Imports are falling, penalised by weak domestic demand.
